Eastern Bank Surpasses $25 Billion In Assets
Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select
Market: EBC), the stock holding company for Eastern Bank, today
announced the closing of its merger with Cambridge Bancorp (NASDAQ:
CATC) (“Cambridge”), the parent company of Cambridge Trust Company
(the “Merger”). The all-stock transaction was originally announced
on September 19, 2023.
“We are excited to have successfully completed Eastern’s merger
with Cambridge Trust and in doing so, to strategically solidify
Eastern’s position as Greater Boston’s leading local bank and
Cambridge Trust Wealth Management as the largest bank-owned
independent investment advisor in Massachusetts,” said Bob Rivers,
Executive Chair and Chair of the Board of Directors of Eastern
Bankshares, Inc. and Eastern Bank. “Our focus remains on creating
value through high quality banking and wealth products and
solutions. We thank the extraordinary employees from both companies
for helping to make this transaction possible, and extend a warm
welcome to our new colleagues, customers and shareholders.”
The conversion of Cambridge Trust banking products and services
to Eastern Bank’s systems occurred over the weekend of July 12,
2024. The conversion of Eastern Wealth Management customers to
Cambridge Trust Wealth Management’s systems is expected to occur
later this year.
Shortly before midnight on July 12, 2024, each share of
Cambridge common stock was exchanged for 4.956 shares of Eastern
common stock. Eastern has issued approximately 39.2 million shares
of its common stock as part of the Merger consideration.
As previously announced and upon closing of the Merger, Denis
Sheahan, Chairman, President and CEO of Cambridge, has become Chief
Executive Officer of Eastern and Eastern Bank, and has joined
Eastern’s Boards of Directors. Quincy Miller, in addition to his
previous roles as President of Eastern and Vice Chair and President
of Eastern Bank, has been promoted to Chief Operating Officer. Both
Mr. Sheahan and Mr. Miller will report directly to Bob Rivers, who
will remain Eastern’s principal executive officer.
J.P. Morgan Securities LLC served as financial advisor and
Nutter McClennen & Fish LLP provided legal counsel to Eastern.
BofA Securities, Inc. served as financial advisor and Hogan Lovells
US LLP provided legal counsel to Cambridge.
David Rosato Named New Chief Financial Officer
Also today, Eastern announced that David Rosato, an accomplished
banking executive who most recently served as Senior Executive Vice
President and Chief Financial Officer of Berkshire Hills Bancorp
and Berkshire Bank, has been named Chief Financial Officer of
Eastern Bankshares, Inc. and Eastern Bank, succeeding James
Fitzgerald who will continue in a senior advisory role.
“David Rosato is a highly experienced Chief Financial Officer in
the banking sector with extensive experience driving profitable
growth in commercial and retail banking, wealth management and
specialty finance, and we are thrilled to welcome him to Eastern
Bank,” said Eastern CEO Denis Sheahan.
Mr. Rosato brings over 35 years of experience within community
and regional banks. Prior to his CFO role at Berkshire Bank, he
spent over 15 years at People’s United Financial, Inc., including
nine years as Senior Executive Vice President and Chief Financial
Officer. During his tenure, People’s United grew total assets from
$14 billion to $65 billion. He has extensive M&A experience,
including the multi-billion dollar sale of People’s United to
M&T Bank. Previously, he served as Senior Vice President &
Treasurer at Webster Financial Corporation, and as a Senior Vice
President, Asset/Liability Manager at M&T Bank Corporation.
Rosato sits on the NASDAQ Exchange Board where he is a member of
the Regulatory Oversight Committee, and he is a former board member
of the Federal Home Loan Bank of Boston. He earned both a Bachelor
of Science degree in Business and Economics and an MBA degree from
the University of Maryland. He is a Chartered Financial
Analyst.
“I’m honored to join Eastern Bank as its next Chief Financial
Officer, and to receive the baton from Jim Fitzgerald,” said David
Rosato, newly named Chief Financial Officer of Eastern Bank. “I’m
especially excited to join at this time, as Eastern and Cambridge
combine to expand their banking and wealth management capabilities
as Greater Boston’s leading local bank.”
Mr. Rosato will join Eastern Bank on August 1, 2024, and report
to Denis Sheahan.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of section 27A of the Securities Act of 1933, as
amended, and section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include statements regarding
anticipated future events and can be identified by the fact that
they do not relate strictly to historical or current facts. You can
identify these statements from the use of words such as “believe,”
“expect,” “anticipate,” “estimate,” “intend,” “future,” “will,”
“look forward to,” “would,” “should,” “could,” or “may” or similar
expressions. Forward-looking statements, by their nature, are
subject to risks and uncertainties. Factors relating to the merger
that could cause or contribute to actual results differing
materially from expected results include, but are not limited to,
the possibility that revenue or expense synergies or the other
expected benefits of the transaction may not materialize for
Eastern or the combined companies in the timeframe expected or at
all, or may be more costly to achieve; that following completion of
the transaction, Eastern’s business may not perform as expected due
to transaction-related uncertainty or other factors; that Eastern
is unable to successfully implement integration strategies;
reputational risks and the reaction of customers to the
transaction; the inability to implement onboarding plans and other
consequences associated with mergers; diversion of management time
on merger-related issues; changes in economic and financial market
conditions; disruptions arising from transitions in management
personnel; and delays or impediments to succession planning
strategies.
These forward-looking statements are also subject to the risks
and uncertainties applicable to Eastern’s business generally that
are disclosed in its 2023 Annual Report on Form 10-K, as may be
updated by Eastern’s Quarterly Reports on Form 10-Q. Eastern’s SEC
filings are accessible on the SEC’s website at www.sec.gov and on
its corporate website at investor.easternbank.com. These web
addresses are included as inactive textual references only.
Information on these websites is not part of this document. For any
forward-looking statements made in this press release, Eastern
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Except as required by law, Eastern specifically
disclaims any obligation to update any forward-looking statements
as a result of developments occurring after the date of this press
release, even if its estimates change, and you should not rely on
those statements as representing Eastern’s views as of any date
subsequent to the date hereof.
About Eastern Bankshares, Inc. and Eastern Bank
Eastern Bankshares, Inc. is the stock holding company for
Eastern Bank. Founded in 1818, Boston-based Eastern Bank is Greater
Boston’s leading local bank and the largest bank-owned independent
investment advisor in Massachusetts with approximately 110
locations serving communities in eastern Massachusetts, southern
and coastal New Hampshire, Rhode Island and Connecticut. Eastern
provides a full range of banking and wealth management solutions
for consumers and businesses of all sizes including through its
Cambridge Trust Wealth Management and Private Banking divisions,
and takes pride in its outspoken advocacy and community support
that includes more than $240 million in charitable giving since
1994. An inclusive company, Eastern is comprised of deeply
committed professionals who value relationships with their
customers, colleagues and communities. For investor information,
visit investor.easternbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240715388721/en/
Media contact: Andrea Goodman Eastern Bank
a.goodman@easternbank.com 781-598-7847 Investor contact:
Jill Belliveau Eastern Bankshares, Inc.
InvestorRelations@easternbank.com 781-598-7920
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