Eastern Bankshares, Inc. - EBC STOCK NEWS

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.

Eastern Bank has elected five community leaders to its Board of Advisors and Board of Ambassadors. This includes Carolina Alarco, Founder of Bio Strategy Advisors LLC, and Michael A. Curry, CEO of Massachusetts League of Community Health Centers, as Advisors. Ambassadors include Yolanda Coentro, Elizabeth Turnbull Henry, and Grace Moreno, leaders in nonprofit, sustainability, and LGBTQ+ sectors. CEO Bob Rivers emphasizes their insights will enhance community support and customer value. Eastern Bank has over $23 billion in assets and is committed to community advocacy.

Eastern Bankshares, Inc. (EBC) reported strong first-quarter 2022 results with net income of $51.5 million, or $0.30 per diluted share, up from $35.1 million in the previous quarter. Operating net income rose 23% year-over-year to $55.1 million. Loan growth, excluding PPP loans, was 3.1%. However, total assets decreased by 3% to $22.8 billion, and shareholders’ equity dropped by $398 million, primarily due to market value declines in investments. The company declared a quarterly cash dividend of $0.10 per share, payable June 15, 2022.

Eastern Bank announces a new commercial banking relationship with Charles D. Sheehy, Inc., providing financing for a working line of credit, term loan, and commercial real estate mortgage. Founded in 1951, Sheehy is a longstanding supplier in the New England contracting industry. This partnership supports Sheehy's financial and growth needs, ensuring the company can maintain a high level of service to its clients. Eastern Bank, established in 1818, has over $24 billion in assets and offers a range of commercial financing solutions to various industries.

Eastern Bankshares, Inc. (EBC) will report its first quarter 2022 earnings on April 28, 2022, after market close. A conference call is scheduled for April 29, 2022, at 9:00 AM ET, which will also be webcasted. Eastern Bank operates over 120 locations and holds approximately $24 billion in total assets. The bank offers diverse financial services to consumers and businesses. For investor information, visit investor.easternbank.com.

Needham Bank has finalized the transfer of cannabis banking and money service businesses from Eastern Bankshares, Inc. (EBC) after obtaining regulatory approvals. Needham has also onboarded the previous cannabis banking team led by Paul Evangelista, enhancing its ability to serve this sector. The Medford branch of Eastern will continue servicing customers as part of the transition. President Joseph Campanelli expressed confidence in the bank's infrastructure and commitment to building relationships with new clients. The asset purchase was initially announced on January 14, 2022.

Eastern Bank has secured a new asset-based lending relationship with Boston Battery LLC, providing $8 million for working capital, real estate, and equipment needs. Boston Battery is a major distributor of Interstate Batteries in southern New England, experiencing significant growth over the past decade. Eastern Bank aims to support Boston Battery's continued expansion, with a focus on enhancing cash flow and operational efficiencies through its commercial financing solutions. As of December 31, 2021, Eastern Bank holds approximately $24 billion in assets.