Eastern Bankshares, Inc. - EBC STOCK NEWS

Eastern Bank has been recognized by the U.S. Small Business Administration as the top lender for small businesses in Massachusetts, marking its 13th consecutive year in this position. In the last fiscal year, Eastern Bank originated 185 SBA 7(a) loans totaling approximately $35.7 million and 30 504 loans totaling about $31.2 million. The bank also issued over $1.7 billion in PPP loans since the pandemic began, demonstrating its commitment to supporting small businesses during challenging economic times.

Eastern Bankshares, Inc. has successfully completed its acquisition of Century Bancorp, Inc. for approximately $642 million. Effective November 12, 2021, each Century shareholder will receive $115.28 per share. This merger aims to enhance Eastern's market presence in Boston and Eastern Massachusetts. Additionally, Eastern received a regulatory non-objection notice for a share repurchase program allowing the repurchase of up to 9,337,900 shares. This program is authorized for $225 million through November 30, 2022.

The Eastern Bank Foundation has announced its 2021 Community Advocacy Award honorees, recognizing nonprofit organizations addressing pandemic-induced inequities across various regions, including Cape Cod, Greater Boston, and New Hampshire.

Significant issues highlighted include food insecurity, child care scarcity, and vaccination inequities. The report states that 30% of Massachusetts adults faced food insecurity earlier this year, with disparities among racial groups. Several organizations received awards for their critical interventions in these areas.

Eastern Bankshares, Inc. (EBC) reported a net income of $37.1 million, or $0.22 per share, for Q3 2021, marking an increase from $34.8 million in Q2 2021. The company declared a quarterly dividend of $0.08 per share and announced a share repurchase program to buy back 5% of outstanding shares, pending Federal Reserve approval. Loan growth was robust at $175 million (8% annualized), while nonperforming loans slightly rose to $42.1 million. Total assets reached $17.5 billion, with a decrease in net interest income to $102.7 million, attributed to a low interest rate environment.

The Eastern Bank Foundation announced a plan to sell a pre-arranged portion of Eastern Bankshares, Inc. (NASDAQ: EBC) stock over 18 months. This plan, initiated under Rule 10b5-1 of the Securities Exchange Act, aims to enhance asset diversification and liquidity. The Foundation will sell approximately 25,000 shares weekly starting at the end of October, potentially reducing its holding to 5.6 million shares by February 2023. The Foundation remains committed to its charitable mission while fulfilling fiduciary duties through this strategic plan.

Eastern Bank has announced a new asset-based lending partnership with The GEM Group, allocating $33.1 million in financing. Established in 1958, The GEM Group is a leading supplier in the promotional products industry, recognized for its customer service and community stewardship. This partnership aims to enhance The GEM Group's operational efficiency and support its financial needs, fostering economic development in underrepresented communities. Eastern Bank, with assets of approximately $17 billion, is dedicated to offering a range of commercial financing solutions to various industries.

Century Bancorp, Inc. (NASDAQ:CNBKA) reported a net income of $33.3 million for the nine months ended September 30, 2021, reflecting an 8.9% increase year-over-year. Total assets grew 12.1% to $7.13 billion. For Q3 2021, net income was $11.7 million, up 7.8% from the previous year. The company's net interest income rose 13.5% to $88.9 million, despite a decrease in the net interest margin to 1.81%. The firm is set to merge with Eastern Bankshares, Inc. in Q4 2021, with a total transaction value of approximately $642 million.

Eastern Bankshares, Inc. (EBC) is set to release its third quarter 2021 earnings on October 28, 2021, after market close. A conference call to discuss these results is scheduled for October 29, 2021, at 9:00 AM ET, accessible via telephone and webcast. Eastern Bank, with over 110 locations and approximately $17 billion in total assets as of June 30, 2021, offers a range of financial services.

For more details, visit investor.easternbank.com.

Eastern Bankshares and Century Bancorp have secured regulatory approvals for their merger, set to close in mid-fourth quarter 2021. This merger, initially announced on April 7, 2021, aims to enhance banking services across Boston and Eastern Massachusetts. Both companies express optimism about integration, with expected benefits such as expanded locations and improved digital banking. Eastern Bank currently holds approximately $17 billion in assets and boasts a robust community presence with $240 million in charitable contributions since 1994.