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Eastern Bankshares, Inc. - EBC STOCK NEWS

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. (EBC) maintains this dedicated news hub for stakeholders tracking its financial operations and community impact. As New England's oldest mutual bank, EBC delivers timely updates on strategic developments through verified press releases and official announcements.

This comprehensive resource consolidates essential updates including quarterly earnings reports, merger announcements like the Cambridge Trust integration, and community initiatives reflecting its social responsibility commitments. Investors will find material disclosures while local residents discover updates on branch network expansions and financial literacy programs.

All content undergoes strict verification to ensure accuracy standards expected from a FDIC-insured institution. The news archive serves both immediate research needs and long-term trend analysis, with historical context spanning EBC's 1818 founding to modern digital banking innovations.

Bookmark this page for direct access to primary-source updates on commercial lending developments, wealth management offerings, and leadership changes at one of America's most enduring community-focused financial institutions.

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Eastern Bankshares, Inc. (EBC) announced a new share repurchase program with regulatory non-objection, allowing the purchase of up to 8.9 million shares, or about 5% of outstanding shares, with a budget of $200 million. This program is set to commence later this month, following the completion of the current buyback program, which successfully repurchased 9.1 million shares for $182 million. The buyback aims to create shareholder value and reflects the company’s financial strategy, subject to market conditions and other factors.

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Eastern Insurance Group LLC has acquired the operating assets of John T. Burns Insurance Agency, effective August 1, 2022. This marks Eastern Insurance's 36th acquisition since 2002 and its second in 2022, strengthening its market position. Burns Insurance, a family-owned agency in Newtonville, MA since 1892, brings strong customer relationships that will enhance Eastern's service offerings. The acquisition aims to provide better choices and services to customers, leveraging Eastern Insurance's extensive resources.

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Eastern Bankshares (NASDAQ: EBC) reported Q2 2022 net income of $51.2 million or $0.31 per diluted share, slightly down from the previous quarter. Operating net income was $52.5 million with a consistent $0.32 per share, reflecting strong net interest income growth of 8% to $137.8 million. The bank experienced double-digit growth in major lending categories while maintaining solid credit quality. It declared a quarterly cash dividend of $0.10 per share, payable on September 15, 2022. Total assets stood at $22.4 billion.

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Eastern Bank Foundation has appointed Turahn Dorsey as Chief Impact Officer, a role aimed at enhancing the Foundation's impact across Massachusetts, New Hampshire, and Rhode Island. Dorsey brings over 25 years of experience in civic change and public policy, having previously served as Boston's Chief of Education. The Foundation, which manages over $250 million in assets and contributes more than $14 million annually, aims to address economic inclusion and mobility while supporting over 1,000 local non-profits.

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Eastern Bankshares, Inc. (NASDAQ: EBC) will disclose its Q2 2022 earnings on July 28, 2022, after market close. A conference call is scheduled for July 29, 2022, at 9:00 AM ET. Investors can join via toll-free dial-in (888) 396-8049 using conference ID 97071632, or through a webcast available on the Company's Investor Relations website. Eastern Bank, founded in 1818, boasts over 120 locations and $23 billion in total assets as of March 31, 2022. The company is known for its strong community support, providing $240 million in charitable contributions since 1994.

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Eastern Bank has secured a $14 million loan to support the Arts & Business Council of Greater Boston in acquiring the Western Avenue Studios & Lofts in Lowell, MA.

This project, part of the Creative Campus Initiative, aims to enhance affordable housing for artists amidst growing gentrification. The facility will feature 250 artist studios and communal spaces, ensuring sustainability for local creative communities.

Additionally, BlueHub Capital contributed $3 million towards this financing.

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Eastern Bank has announced a new asset-based lending relationship with Asian Atlantic Industries, LLC (AAI), providing $7.5 million in working capital to support AAI's growth. Founded in 1998, AAI specializes in electronic components and semiconductors, using proprietary software to manage supply and demand data. Eastern Bank aims to enhance cash flow and efficiency for various industries through its commercial financing solutions. As of March 31, 2022, Eastern Bank holds approximately $23 billion in assets.

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Eastern Bankshares, Inc.

Nasdaq:EBC

EBC Rankings

EBC Stock Data

2.92B
210.88M
1.05%
77.09%
2.62%
Banks - Regional
Savings Institution, Federally Chartered
Link
United States
BOSTON