BOSTON, May 28, 2024
/PRNewswire/ -- Eastern Bankshares, Inc. ("Eastern") (NASDAQ
Global Select Market: EBC), the stock holding company for Eastern
Bank, and Cambridge Bancorp (NASDAQ: CATC) ("Cambridge"), the parent company of Cambridge
Trust Company, today jointly announced they have received all
necessary regulatory approvals to complete their proposed merger
(the "Merger"), which was previously announced on September 19, 2023. The Merger is expected to
close on or about July 12, 2024.
"We are thrilled to receive the required regulatory approvals
for our merger with Cambridge Trust, and we look forward to
completing the integration of our two companies," said Bob Rivers, Chief Executive Officer and Chair of
the Boards of Eastern and Eastern Bank. "This merger will create a
$26 billion organization that is
positioned as Greater Boston's
leading local bank and the largest bank-owned independent
investment advisor in Massachusetts. We are deeply grateful to the
incredible teams at both banks for their work in supporting this
merger, and their outstanding customer service, collaboration and
engagement in the communities where we operate. We look forward to
welcoming our newest colleagues to Eastern and continuing to serve
the needs of our customers with a comprehensive suite of banking
and wealth management services."
Denis Sheahan, Chairman,
President and CEO of Cambridge Trust, said, "This is an exciting
time as our two banks come together to offer outstanding
capabilities and enhanced opportunities for products and services
to our valued customers. Many of the familiar faces that customers
have come to know will continue in their roles, and we look forward
to introducing all customers to the strengths of the combined
organization and continuing to serve our communities."
On September 19, 2023, Eastern and
Cambridge announced they had
entered into a definitive agreement to merge. On February 28, 2024, shareholders of Cambridge and Eastern approved all
matters in support of the Merger. As noted above, the closing is
expected on or about July 12,
2024.
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 proposed 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 prior to the completion of the transaction
or thereafter, Eastern's or Cambridge's businesses may not perform as
expected due to transaction-related uncertainty or other factors;
that Eastern is unable to successfully implement integration
strategies; that closing conditions are not satisfied in a timely
manner or at all; that the timing of completion of the proposed
merger is dependent on various factors that cannot be predicted
with precision at this point; reputational risks and the reaction
of the companies' customers to the transaction; the inability to
implement onboarding plans and other consequences associated with
mergers; and diversion of management time on merger-related
issues.
These forward-looking statements are also subject to the risks
and uncertainties applicable to Eastern's and Century's businesses
generally that are disclosed in Eastern's and Cambridge's respective 2023 Annual Reports on
Form 10-K, as each may be updated by the applicable company's
Quarterly Reports on Form 10-Q. Eastern's and Cambridge's SEC filings are accessible on the
SEC's website at www.sec.gov and on their respective corporate
websites at investor.easternbank.com and ir.cambridgetrust.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 and Cambridge claim 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, each company 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 either company'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 has more than 120
locations serving communities in eastern Massachusetts, southern and coastal
New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately
$21 billion in total assets. Eastern
provides a full range of banking and wealth management solutions
for consumers and businesses of all sizes, 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.
About Cambridge Bancorp
Cambridge Bancorp, the parent
company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust
Company is a 133-year-old Massachusetts chartered commercial bank with
approximately $5.37 billion in assets
at March 31, 2024, and a total of 22
Massachusetts and New Hampshire
locations. Cambridge Trust Company is one of New England's leaders
in private banking and wealth management with $4.8 billion in client assets under management
and administration at March 31, 2024.
The Wealth Management group maintains offices in Boston, Massachusetts, Concord, Manchester, and Portsmouth, New Hampshire, and Southport, Connecticut.
Eastern Bankshares, Inc. and Eastern Bank:
Investor contact:
Jill Belliveau
Eastern Bankshares, Inc.
InvestorRelations@easternbank.com
781-598-7920
Media contact:
Andrea Goodman
Eastern Bank
a.goodman@easternbank.com
781-598-7847
Cambridge Bancorp
Investor contact:
Joseph P. Sapienza
Joseph.Sapienza@cambridgetrust.com
617-520-5520
Media contact:
Danielle Remis Hackel
Danielle.remis@cambridgetrust.com
617-441-1421
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SOURCE Cambridge Bancorp
