Business
Eastern Bankshares, Inc. And Century Bancorp, Inc. Announce Regulatory Approvals Received To Merge
BOSTON--(BUSINESS WIRE)-- Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\n\nEastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), a full service commercial bank with a full range of business, personal and institutional services, today jointly announced they have received the necessary regulatory approvals from the Commonwealth of Massachusetts Division of Banks, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System to complete their proposed merger (the “Merger”). The Merger is expected to close in the mid-fourth quarter of 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210927005791/en/\n“We are excited to receive the required regulatory approvals for our merger with Century Bank, and to continue with the next steps in completing the integration of our businesses,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern and Eastern Bank. “We are deeply grateful to the teams at both banks for their outstanding customer service, collaboration, and support of the communities where we operate, all while managing the impact of the pandemic. We look forward to welcoming our newest colleagues to Eastern, and to offering a broader network of banking services to help meet our customers’ financial goals.”\n\nBarry R. Sloane, Chairman, President & CEO of Century and Century Bank, said, “We look forward to the two banks coming together and the opportunity this will create for customers, including through increased banking locations, greater digital banking options, far-reaching community philanthropy and more. Many of the familiar faces that customers have come to know will continue in their roles, and we are committed to making the transition to Eastern Bank as seamless as possible.”\n\nOn April 7, 2021, Eastern and Century announced they had entered into a definitive agreement to merge. On July 7, 2021, Century’s shareholders approved the agreement and plan of merger. The Merger is expected to solidify Eastern’s leading position in Boston and Eastern Massachusetts.\n\nForward Looking Statements\nThis press release contains forward-looking statements. Forward-...