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Eastern Bankshares

#3441

Rank

$3.28B

Marketcap

US United States

Country

Eastern Bankshares
Leadership team

Mr. Robert F. Rivers (Chairman & CEO)

Mr. Quincy L. Miller (Pres)

Mr. James B. Fitzgerald (CFO, Chief Admin. Officer & Treasurer)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Boston, Massachusetts, United States
Established
1818
Company Registration
SEC CIK number: 0001810546
Net Income
100M - 500M
Revenue
500M - 1B
Traded as
EBC
Social Media
Overview
Location
Summary
Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards. It also offers commercial and industrial loans, commercial real estate and construction loans, small business loans, residential real estate loans, home equity, and lines of credit, as well as other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company provides cash reserves, cash management, merchant, escrow express, government banking, international banking, interest on lawyers trust accounts, retirement planning, and business telephone banking services, as well as products and services for not-for-profit and healthcare. Further, it offers trust and investment products and services; community development and asset-based lending services; financial planning, portfolio management, wealth management, private banking, and fiduciary products; online, mobile, and telephone banking services; and automated lock box collection and account reconciliation services, as well as various insurance products. As of December 31, 2021, the company operated 105 branch offices in eastern Massachusetts and southern New Hampshire; and 23 non-branch offices in eastern Massachusetts, one office in New Hampshire, and one office in Rhode Island. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts.
History

Eastern Bank was established on April 15, 1818, as Salem Savings Bank and became insured by the Federal Deposit Insurance Corporation on October 1, 1983. On October 19, 1989, Eastern Savings Bank's parent company Lynn, Massachusetts-based Eastern Bank Corporation, renamed it Eastern Bank, and reorganized it into a mutual holding company, making it the first of its kind in Massachusetts.In the years following its reorganization, it made several acquisitions of local banks. They included Shore Bank And Trust Company , Malden Trust Company , First Colonial Bank For Savings , and Saugus Bank And Trust Company .In 1997, Eastern began an aggressive expansion program with the aim of doubling its size within five years. The first acquisition of the program was initiated in early 1998 when Eastern bought the ten-branch Quincy-based Hibernia Savings Bank and its parent holding company Emerald Isle Bancorp, Inc for $80 million and converted all branches to Eastern Banks. Eastern, with the bulk of its branches north of Boston, gained exposure to the market south of Boston through the acquisition.

In November 2002, Eastern Bank merged its operations with its subsidiary, Salem-based Eastern Bank & Trust Company. The following year in March 2003, company headquarters were moved from Lynn to Boston's Financial District, positioning it alongside the regional headquarters of other large banks including FleetBoston Financial and Citizens Bank.

Continually expanding its footprint in the region, Eastern purchased Wareham's Plymouth Savings Bank in May 2005 and Sharon Co-operative Bank in May 2007. Eastern Bank announced in March 2008 its intention to buy Reading-based MassBank Corp. for $170 million. Eastern's third acquisition in four years, it doubled its deposits in Middlesex County to more than $1.4 billion, garnering a 4% market share in the county. In late June 2010, it was announced that Eastern Bank was the winning bidder to acquire independent Massachusetts bank Wainwright and its 12 branches located in Boston and the surrounding communities. The bank, "known for its social activism and lending to nonprofit organizations", was purchased for $163 million or $19 a share; almost double its $9.62 closing stock price prior to the announcement. The merger was completed in November 2010, and the 12 branches were converted to Eastern Bank branches in March 2011, and over 100 new employees joined Eastern Bank.In July 2012, Eastern announced a merger with The Community Bank, a $300 million cooperative mutual bank headquartered in Brockton, with five branches in southeastern Massachusetts. The mutual merger of the two banks, including the conversion to Eastern, was concluded on November 30, 2012, and marked the fifth mutual-mutual merger for Eastern.In March 2014, Eastern signed a definitive agreement to acquire Bedford, N.H.-based Centrix Bank & Trust. The acquisition was completed on Friday, Oct. 24, 2015, and the two banks were merged over the weekend. The merger added six new branch locations in southern and coastal New Hampshire, marking the first retail locations for Eastern in the Granite State.In June 2020, Eastern Bank announced that it would be de-mutualizing to become a publicly traded bank. The bank's IPO occurred in October 2020. The IPO raised $1.8 billion at a market capitalization of $19 billion.On April 7, 2021, Eastern Bank announced that it agreed to merge with Medford, Massachusetts-based Century Bank, with Eastern Bank continuing as the surviving institution. The deal was announced with a valuation of $642 million.

Mission
Eastern Bank’s mission is to provide financial services to individuals, families and businesses in the communities they serve with a commitment to excellent service and a passion for making a difference.
Vision
The bank’s vision is to be a leader in innovative banking services, products and technologies that enable customers to meet their financial goals.
Key Team

Ms. Jillian A. Belliveau (Head of Investor Relations)

Ms. Kathleen Cloherty Henry Esq. (Exec. VP, Gen. Counsel & Corp. Sec.)

Mr. Timothy J. Lodge (Pres & CEO of Eastern Insurance Group LLC)

Ms. Nancy Huntington Stager (Pres & CEO of Eastern Bank Foundation)

Recognition and Awards
Eastern Bank has been honored by the Boston Globe for recognition of its commitment to sustainability, philanthropy and employee engagement, and for its role as one of Massachusetts' best workplaces for women. It has also been recognized by the Boston Business Journal for being the most philanthropic business in Massachusetts and by bankrate.com as one of America's best large banks in 2020.
References
Eastern Bankshares
Leadership team

Mr. Robert F. Rivers (Chairman & CEO)

Mr. Quincy L. Miller (Pres)

Mr. James B. Fitzgerald (CFO, Chief Admin. Officer & Treasurer)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Boston, Massachusetts, United States
Established
1818
Company Registration
SEC CIK number: 0001810546
Net Income
100M - 500M
Revenue
500M - 1B
Traded as
EBC
Social Media