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 Bank has announced key appointments to its Management Committee, including Gregory P. Buscone, Martha A. Dean, Timothy J. Lodge, Matthew A. Osborne, and Sujata Yadav. CEO Bob Rivers expressed optimism about their diverse expertise and community involvement. The Management Committee now comprises fourteen senior executives, with 64% being women, people of color, or younger than 50. Eastern Bank, founded in 1818, has over 120 locations and approximately $24 billion in total assets, emphasizing its commitment to community engagement and strategic growth.
Eastern Bank Foundation has appointed Natalia Urtubey as a Foundation Fellow, focused on enhancing equity in the small business ecosystem. She comes from the City of Boston’s Office of Economic Opportunity & Inclusion, where she led significant initiatives like distributing over $28.6M in small business grants during the pandemic. Her role aims to support economic inclusion and mobility, particularly for historically underrepresented communities. The Foundation focuses on building networks for business owners of color through strategic funding and collaborations with nonprofit organizations.
Eastern Bank announces the financing of Landry's Bicycles to aid its transition to a 100% employee-owned structure. Founded in 1922, Landry's is recognized as one of America's Best Bike Shops and operates eight locations across Massachusetts. The term loan will support Landry's employee ownership model, which aims to enhance teamwork and customer service. Eastern Bank, with over $24 billion in total assets, also offers various commercial financing solutions to support businesses like Landry's.
Eastern Bank announces an $8 million financing deal with Work ‘N Gear, the largest U.S. retailer in work and healthcare apparel. Based in Quincy, MA, Work ‘N Gear operates 39 stores in the Northeast and Midwest. The partnership aims to enhance Work ‘N Gear's liquidity and funding for day-to-day operations. Eastern Bank, founded in 1818, has over $24 billion in assets and provides various commercial financing solutions, including asset-based lending, to support businesses in improving cash flow and operational efficiency.
Eastern Insurance Group, a subsidiary of Eastern Bank, has acquired the operating assets of Michals Insurance Agency, effective March 1, 2022. This marks Eastern Insurance's 35th acquisition of an independent agency since 2002. Michals Insurance, serving clients since 1993, is recognized for its exemplary customer service and specialization in the national fine arts sector. Eastern Insurance aims to enhance its offerings and client service through this acquisition, welcoming the Michals team to expand their reach and capabilities in the insurance market.
Eastern Bankshares, Inc. (EBC) reported a quarterly net income of $35.1 million for Q4 2021, down from $37.1 million in Q3. However, operating net income rose to $44.9 million, or $0.26 per diluted share. The company declared a 25% increase in its quarterly cash dividend to $0.10 per share. Key highlights include the successful merger with Century Bancorp, adding approximately $7 billion in assets. Total loans and deposits surged, with organic loan growth of 6%. However, noninterest expenses rose significantly, primarily due to merger costs.
Eastern Insurance Group LLC has announced the promotion of Timothy J. Lodge to President and CEO, succeeding John Koegel, who will transition to a consultant role. Lodge, with over 23 years in the insurance sector, previously led the Commercial Lines Division. The leadership change aims to strengthen the company's position and customer service quality. Additionally, several key promotions were made within the Executive Leadership Team to further develop operational efficiency.
Eastern Bankshares, Inc. (EBC) has agreed to transfer its cannabis-related and money service business deposit relationships to Needham Bank. This decision follows a review revealing that the cannabis banking operation does not align with Eastern's customer service approach. The transaction is set to close in the first half of 2022, pending regulatory approvals. Needham Bank's CEO expressed excitement over servicing this growing sector, while Eastern aims to streamline its business focus. No financial terms were disclosed as the transaction is deemed non-material to Eastern.
Eastern Bankshares, Inc. (NASDAQ: EBC) announced its fourth quarter 2021 earnings release scheduled for January 27, 2022, after market close. A conference call will take place on January 28, 2022, at 9:00 AM ET, with participation details provided. Based in Boston, Eastern Bank has over 110 locations and approximately $17 billion in total assets as of September 30, 2021. The bank offers comprehensive banking, investment, and insurance services while maintaining a strong commitment to community support.
FAQ
What is the current stock price of Eastern Bankshares (EBC)?
What is the market cap of Eastern Bankshares (EBC)?
What services does Eastern Bankshares, Inc. offer?
Where is Eastern Bank headquartered?
How many locations does Eastern Bank have?
What is significant about Eastern Bank's history?
What are recent major developments for Eastern Bankshares?
What impact will the merger with Cambridge Bancorp have?
What is Eastern Bankshares' commitment to social causes?
What are the financial highlights of Eastern Bank?
How does Eastern Bank support the community?
Where can I find more information about Eastern Bankshares?
