Welcome to our dedicated page for Eastern Bankshares news (Ticker: EBC), a resource for investors and traders seeking the latest updates and insights on Eastern Bankshares stock.
Eastern Bankshares, Inc. (NASDAQ: EBC) stands as the stock holding company for the historic Eastern Bank, the oldest and largest mutual bank in the United States. Founded in 1818 and headquartered in Boston, Eastern Bank has grown to oversee $10 billion in assets and operates more than 120 locations across eastern Massachusetts, southern, and coastal New Hampshire. Eastern Bankshares, Inc. is renowned for its comprehensive suite of financial products and services, catering to retail, commercial, and small business customers. Their diversified portfolio includes lending, deposit, wealth management, and insurance services.
As a recognized leader in corporate social responsibility, Eastern Bank takes pride in its ongoing advocacy for social justice causes, demonstrating a deep commitment to the communities it serves. This inclusive approach is reflected in their professional team, which values strong relationships with customers, colleagues, and the wider community.
Recently, Eastern Bankshares has made headlines with its proposed merger with Cambridge Bancorp, parent company of Cambridge Trust Company. This merger, slated to complete around July 12, 2024, will create a $26 billion organization poised to become Greater Boston's premier local bank and the largest bank-owned independent investment advisor in Massachusetts. This strategic union aims to enhance product offerings and service capabilities, ensuring an enriched customer experience.
With a forward-looking approach, Eastern Bankshares remains vigilant in navigating the dynamic financial landscape, with a focus on achieving revenue and expense synergies through strategic integrations and partnerships. For more information, visit their investor relations page.
Eastern Bankshares, Inc. will release its fourth quarter 2022 earnings on
Eastern Bank has been recognized as the top lender to small businesses in Massachusetts for the 14th consecutive year by the U.S. Small Business Administration (SBA). For the fiscal year ending September 30, the bank originated 251 SBA 7(a) loans totaling approximately $35.7 million and was also the leading 504 lender with 19 loans amounting to around $27.1 million. This recognition underscores Eastern Bank's commitment to supporting local businesses with essential financial solutions.
Eastern Bank Foundation has appointed Jerry Rubin as a Foundation Fellow, focusing on workforce development and economic mobility in New England. Rubin, with decades of leadership in workforce training and adult education, aims to address systemic disparities affecting workers, particularly around wage gaps. He previously led Jewish Vocational Service in Greater Boston, tripling its budget and expanding its outreach. The Foundation emphasizes enhancing employment opportunities and worker protections, with efforts aimed at supporting local communities to overcome employment barriers.
The Foundation for Business Equity has successfully merged with Mill Cities Community Investments after completing its spin-off from Eastern Bank. This merger aims to enhance their capacity to support small businesses of color, with a significant emphasis on addressing racial wealth inequities. FBE has raised over
Eastern Bank has partnered with The Forsyth Institute to provide commercial banking and insurance services. Forsyth, based in Cambridge, focuses on the relationship between oral health and overall well-being. Eastern Bank will offer a revolving line of credit to support Forsyth’s ongoing needs. Additionally, Eastern Insurance Group will assist in developing a customized risk management program. This collaboration aims to enhance Forsyth's financial growth and address public health demands.
Eastern Bankshares, Inc. (EBC) reported a robust third quarter for 2022, showing a net income of $54.8 million, equating to $0.33 per diluted share, compared to $51.2 million the previous quarter. Operating net income rose to $55.7 million, reflecting significant loan growth of 16% on an annualized basis. The net interest margin expanded by 24 basis points, leading to a 10% increase in net interest income, reaching $152.2 million. The company has declared a quarterly cash dividend of $0.10 per share, payable on December 15, 2022. Total assets stood at $22.0 billion, with total loans increasing to $12.9 billion.
Eastern Bank has announced a new partnership with Crime Prevention Security Systems, LLC (CPSS), providing
EBC announced its third quarter 2022 earnings release scheduled for October 27, 2022, after market close. A conference call will follow on October 28, 2022, at 9:00 AM Eastern Time. Interested investors can join via toll-free dial-in at (888) 396-8049 using conference ID 09796048. Participants can also access the call through a webcast on investor.easternbank.com. The company, based in Boston, has over $22 billion in total assets and more than 120 locations in Massachusetts, New Hampshire, and Rhode Island.
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