Eastern Bankshares, Inc. - EBC STOCK NEWS

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.

The Eastern Bank Foundation announced an additional $280,000 in COVID-19 support to combat food insecurity in Massachusetts and New Hampshire. This funding will benefit 56 organizations dedicated to alleviating hunger. Since the pandemic began, the foundation has contributed over $15 million to more than 665 community organizations, addressing various needs, including vaccination efforts and support for vulnerable populations. This latest initiative highlights the foundation's ongoing commitment to local communities.

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.