Business
Eastern Bankshares, Inc. Announces Completion Of Merger With Century Bancorp, Inc.
Company Also Announces Receipt of Regulatory Non-Objection of Previously Announced Share Repurchase Program BOSTON--(BUSINESS WIRE)-- Eastern Bankshares,
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nCompany Also Announces Receipt of Regulatory Non-Objection of Previously Announced Share Repurchase Program\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, today announced that it has completed its acquisition of 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. The transaction is valued at approximately $642 million. Eastern and Century had announced the transaction on April 7, 2021.\n\nThe acquisition is effective today, November 12, 2021, after the close of business, and Century shareholders will receive $115.28 in cash for each share of Century’s common stock. Century shareholders with questions about payment in connection with the transaction may contact Computershare, the paying agent for the transaction, at 1-800-546-5141.\n\n“We are excited to have completed – just over a year after Eastern’s initial public offering – the largest acquisition in our Bank’s history and in doing so, to strategically expand Eastern’s presence in Boston and Eastern Massachusetts,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern and Eastern Bank. “On behalf of everyone at Eastern, we are thrilled to welcome Century customers and employees, and to carry on the exceptional customer service and community support cultivated by the Century team. This is an exciting milestone made possible thanks to the extraordinary talent of our teams, and we look forward to operating as a combined, larger organization offering an excellent customer service experience and being there for our customers’ financial needs.”\n\nUpon completion of the acquisition, Century Bank merged into Eastern Bank, a wholly-owned subsidiary of Eastern, with locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. The merger is expected to solidify Eastern’s leading position in Boston and Eastern Massachusetts. Century customers with questions about the merger and joining Eastern are invited to visit easternbank.com/CenturyBank or call 1-800-EASTERN (327-8376).\n\nShare Repurchase Program\n\nEastern also announced that it receive...