Completion of the offering is contingent upon the Company selling at least 129,625,000 shares of common stock and also is subject to the receipt of final regulatory approvals for the offering and conversion and other customary closing conditions. The transactions contemplated by the Plan of Conversion are subject to approval by the Board of Governors of the Federal Reserve System, the Massachusetts Commissioner of Banks and the corporators of Eastern Bank Corporation. Get simple and actionable views, timely insights and projections to manage your business. Eastern Bank The Company cautions prospective investors not to place undue reliance on any such forward looking statements, which speak only as of the date made. As a testament to this commitment, and as part of the conversion, Eastern will make a one-time stock donation to the Eastern Bank Charitable Foundation (EBCF). A special meeting of Eastern’s corporators is expected to be held during the summer. Eastern Bankshares, Inc. © 2020 Eastern Bank. Applicable regulations require the mid-point of that range to be based upon an independent appraisal of the value of Eastern Bankshares, assuming the completion of the offering. The appraisal is potentially subject to change prior to the completion of the offering based upon market conditions. Eastern Bank in Boston, the nation's oldest and second-largest mutual bank, is going public to prepare for a post-pandemic world. BOSTON, MA, August 18, 2020 – Eastern Bank announced today that Eastern Bankshares, Inc. (the “Company”), the proposed stock holding company of Eastern Bank, is commencing its stock offering in connection with Eastern’s conversion from the mutual holding company structure to the stock holding company form of organization. Media contacts:Andrea Goodman It is anticipated that the conversion will be completed by the end of 2020.This press release is not an offer Eastern Bankp.alexander@easternbank.com781-596-4490Investor contact: Eastern’s charitable giving has exceeded more than $140 million since 1999, and Eastern has been named a top charitable contributor in Massachusetts for over a decade. Eastern Bankshares began trading on the Nasdaq on Thursday under the symbol EBC. Shares of the company owned by major shareholders and company insiders are now eligible to be traded as a result of the expiration of the lock-up period. We remain dedicated to supporting our nonprofit partners and convening others to spur innovation and change around social justice.” This press release is neither an offer to sell nor a solicitation of an offer to buy common stock of the Company. The Company’s common stock has been approved for listing on the Nasdaq Global Select Market under the symbol “EBC.”. The bank, established in 1818, plans to raise $1.3 billion to $1.7 billion through an initial public offering (IPO) this year, according to a regulatory filing.The $12.3 billion-asset bank said it aims to sell more than 201 million shares at $10 apiece. As is customary for stock offerings by mutual banking companies, the preliminary prospectus filed today with the Securities and Exchange Commission (SEC) reflects a range for the number of shares that may be sold in the offering. BOSTON, June 18, 2020 /PRNewswire/ -- Eastern Bank Corporation, the mutual holding company of Eastern Bank, today announced that its Board has unanimously approved a … Eligible depositors and others may be able to subscribe for shares of common stock using funds in an individual retirement account (“IRA”) or other retirement account if the account is maintained by an independent custodian or trustee, such as a brokerage firm, and not Eastern Bank. All rights reserved. InvestorRelations@easternbank.com / 781-598-7920, Mobile-friendly financial assistant built for (and by) business leaders like you, Update for Business Customers - Paycheck Protection Program and Loan Forgiveness, Protect the things you have and the people you love, Eastern Bank Announces Plan For Conversion Into Public Company, The Eastern FlexEquity Account – A Home Equity Line of Credit, Eastern Portfolio (Wealth Management Online Access), Eastern Treasury & Eastern Business Banking. BOSTON, June 18, 2020 – Eastern Bank Corporation, the mutual holding company of Eastern Bank, today announced that its Board has unanimously approved a plan to convert to a fully public stock holding company, which will be known as Eastern Bankshares, Inc. As part of the conversion, Eastern intends to give the Eastern Bank Charitable Foundation a 4% equity interest in Eastern Bankshares. Mr. Rivers added, “The conversion also provides an opportunity to build upon the incredible commitment of our depositors, employees, corporators and community partners. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Andrea Goodman Eastern Bankshares, Inc. is regulated by the U.S. Security and … Certain statements in this press release and our prospectus for the offering constitute and will constitute 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Eastern Bankshares had issued 179,300,000 shares in its IPO on October 15th. We are here to help you with access to these emergency funds. The stock donation will enhance EBCF’s partnerships with communities across its footprint through financial support of nonprofit organizations, employee volunteerism, advocacy, and collaboration with other businesses and community partners, and establish an even stronger endowment by which the Foundation will fund these ongoing operations and investments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Get simple and actionable views, timely insights and projections to manage your business. Industry Banking. Email, Conversion to Provide Additional Resources to Grow Customer Offerings, Accelerate New Business Opportunities & Better Serve Customers and Communities, Eastern to Make Transformational Donation to Eastern Bank Charitable Foundation Giving it a 4% Equity Stake. Eastern Bank The donation is expected to increase the size of the Foundation’s endowment by approximately 50% to nearly $180 million, based upon the mid-point of the offering valuation range discussed below. All rights reserved. The offer is made only by the Company’s prospectus (and, in the case of the subscription offering, an accompanying stock order form). The conversion and stock offering will have no impact on depositors, borrowers or other customers of Eastern Bank. 781-598-7847 Founded in 1818, Boston-based Eastern Bank has over $11 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: conditions relating to the Covid-19 pandemic, including the severity and duration of the associated economic slowdown either nationally or in our market areas, that are worse than expected; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to continue to implement our business strategies; competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins and yields, reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets; adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; our ability to manage market risk, credit risk and operational risk in the current economic conditions; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; our compensation expense associated with equity allocated or awarded to our employees; changes in the financial condition, results of operations or future prospects of issuers of securities that we own; and the risk factors described in our Registration Statement on Form S-1 for the offering as filed with the Securities and Exchange Commission (the “SEC”), which is available at the SEC’s website, www.sec.gov. As part of the assistance available to existing Eastern Bank customers, we are offering additional support, reviewed upon request, on loans like mortgages, home equity or small business loans, as well as fee waivers for both Eastern Bank personal and small business deposit accounts. Eastern Bankshares Inc. 265 Franklin Street. Eastern Banka.goodman@easternbank.com This press release is neither an offer to sell nor a solicitation of an offer to buy common stock of the Company. In 2020 to date, the EBCF has provided $8 million in total COVID-19 philanthropic financial support to the community.Details of the Conversion, Approvals & Timing At the closing of the offering, the Foundation will own 4% of the shares of Eastern Bankshares common stock then outstanding. InvestorRelations@easternbank.com 30, 2021 at 10:01 p.m. BOSTON--(BUSINESS WIRE)--Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced 2020 fourth quarter financial results and the initiation of a quarterly cash dividend.. Concurrent with its mutual-to-stock conversion and as described in the prospectus for its initial public offering (“IPO”), the Company made a one-time … Eastern Bankshares, Inc. will be the stock holding company for Eastern Bank upon the completion of the offering and the conversion. The latest price was $18.53 (25 minute delay). 781-598-7847, Paul Alexander Eastern Bankshares, Inc. will be the stock holding company for Eastern Bank upon the completion of the offering and the conversion. Eastern takes pride in its outspoken advocacy and community support that has exceeded more than $140 million in charitable giving since 1999. Eastern disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law. I am confident that Eastern’s dedication to building lasting relationships with our customers, colleagues and communities will remain as strong as ever after the conversion.”Transformational Donation to the Eastern Bank Charitable Foundation The Stock Information Center, will be open Monday through Friday from 10:00 a.m. to 4:00 p.m., Eastern Time, beginning Monday, August 24, 2020 and continuing through Wednesday, September 16, 2020 at 2:00 p.m., Eastern Time. An inclusive company, Eastern employs 1,800+ deeply committed professionals who value relationships with their customers, colleagues, and communities. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by our forward-looking statements. The capital that is raised in the offering will enable Eastern to better serve its customers and communities by making additional loans to businesses and consumers, investing in new technology and delivery systems to enhance existing or the development of new products and services, and supporting the advancement of its employees. During the day the price has varied from a low of $18.11 to a high of $18.60. The commitment to doing good things to help people prosper remains at the heart of Eastern’s purpose today, knowing that we are only as strong as the communities we serve. Equities research analysts predict that Eastern Bankshares, Inc. (NASDAQ:EBC) will report $154.46 million in sales for the current fiscal quarter, according to Zacks Investment Research.Three analysts have issued estimates for Eastern Bankshares' earnings, with the highest sales estimate coming in at $160.90 million and the lowest estimate coming in at $145.59 million. Mr. Rivers concluded, “For over 200 years, Eastern has prioritized investing in the communities we serve. Forward-looking statements, can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. Bram Berkowitz owns shares of Eastern Bankshares, Inc. and has the following options: long April 2021 $20.0 calls on Eastern Bankshares, Inc.. … Through this stock donation to the Eastern Bank Charitable Foundation, we create a significantly larger base by which the Foundation will be able to positively impact the communities we serve. Eastern has received all of the approvals required to commence the offering, including the approvals of the Massachusetts Commission of Banks, the Federal Reserve Board, and the corporators of Eastern Bank Corporation, which is the current mutual holding company of Eastern Bank. Since 1999, Eastern has historically donated an average of 10% of its net income every year to charitable giving. Founded in 1818, Boston-based Eastern Bank has approximately $14 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. 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. 781-598-7920, Mobile-friendly financial assistant built for (and by) business leaders like you, Update for Business Customers - Paycheck Protection Program and Loan Forgiveness, Protect the things you have and the people you love, Eastern Bank Announces Commencement Of Stock Offering. They are targeting an issuance of 175 million shares at $10, for an IPO of $1.75B (can be up or downsized). You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. These forward-looking statements include statements of the Company’s goals, intentions and expectations; statements regarding the Company’s business plans, prospects, growth and operating strategies; statements regarding the quality of the Company’s loan and investment portfolios; and estimates of the Company’s risks and future costs and benefits. 781-596-4490 Before you invest, you should read that prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the offering. Shares will be launched to the market at an initial price of $10 each, valuing the company at just under $1.8 billion. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. We want to express our greatest appreciation to them and look forward to making this offering available. Sector Financial Services. Eastern Bankshares, Inc. (the “Company”), the proposed stock holding company of Eastern Bank, is commencing its stock offering in connection with Eastern’s conversion from the mutual holding company structure to the stock holding company form of organization. Please fill out this form so we can start to review your request. The Company is offering for sale up to 175,375,000 shares of common stock at a purchase price of $10.00 per share, although the Company may sell up to 201,681,250 shares of common stock because of demand for the shares or changes in market conditions, without resoliciting investors. An inclusive company, Eastern employs 1,800+ deeply committed professionals who value relationships with their customers, colleagues, and communities. Based upon the valuation range in the preliminary prospectus filed with the SEC today, Eastern assumes in the prospectus that the increase in its capital as a result of the conversion will range from approximately $1.3 billion to $1.7 billion. Eastern is a mutual holding company (never did a first step conversion) that is converting to a full stock form organization. Eastern Bank Founded in 1818, Boston-based Eastern Bank has approximately $14 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. It opened the day at $18.51 after a previous close of $18.46. This press release and the Company’s prospectus for the offering contain forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. Will list on the NASDAQ under ticker EBC. Paul Alexander In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. ABOUT EASTERN BANKSHARES, INC. Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. The Company has filed with the SEC a registration statement for the offering to which this press release relates as well as the final prospectus, dated August 11, 2020, for the subscription and community offering. Paul Alexander 781-596-4490 a.goodman@easternbank.com / 781-598-7847, Paul Alexander Andrea Goodman “We are proud of Eastern Bank’s history as the oldest and largest mutual bank in the United States and our enduring commitment to our customers, colleagues and communities,” said Bob Rivers, Chair and CEO of Eastern Bank. These forward-looking statements include but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. For general press inquiries, please email or call our media relations team. Phone 1 800 327-8376. The deal was announced with a valuation of $642 million. Eastern Bank also announced that the registration statement for the sale of the Company’s common stock has been declared effective by the Securities and Exchange Commission. Eastern Bankshares is listed on the NASDAQ and employs 1,800 staff. ET on Motley Fool Independent Bank Corp.'s Acquisition of Meridian Bancorp Isn't Good, It's Great Ticker: EBC. Please fill out this form so we can start to review your request. Email Since its founding in 1818, Eastern has been committed to providing competitive financial products and services and an outstanding customer experience, while making meaningful contributions to the communities it serves. Eastern Bankshares Inc, the proposed holding company for Massachusetts-based Eastern Bank, announced on October 9 that it had received regulatory approvals for the IPO. The expenses of the IPO and funding the Foundation with 8% of the stock will undoubtedly result in … To each Eastern Bank depositor with aggregate deposit account balances of $50.00 or more (a “Qualifying Deposit”) at the close of business on March 29, 2019 (“, To each Eastern Bank depositor with a Qualifying Deposit at the close of business on March 31, 2020 (“, To Eastern Bank’s employee stock ownership plan and Eastern Bank’s 401(k) Plan (“, To employees, officers, directors, trustees and corporators of Eastern Bank, Eastern Insurance Group LLC, or Eastern Bank Corporation who are not eligible under either Priority 1 or Priority 2 (“, The subscription and community offerings are being managed by Keefe, Bruyette & Woods, Inc. All questions concerning the offering or requests for offering materials should be directed to the Stock Information Center at. Depositors of Eastern Bank with qualifying deposits on March 29, 2019 will have priority, and depositors with qualifying deposits on March 31, 2020 will have second priority. The Company may offer the shares of common stock remaining after the subscription offering for sale to members of the general public in a community offering, with preference given to residents of cities and towns of Massachusetts and New Hampshire that constitute Eastern Bank’s primary market area. Dive Brief: Eastern Bank, the U.S.'s largest mutual savings bank, plans to go public, the Boston-based firm announced Thursday.. Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced 2021 first quarter financial results. The shares of stock that will be offered by Eastern Bankshares will not be a deposit account, will not be insured by the Federal Deposit Insurance Corporation or any other government agency, and may lose value. Eastern Bankshares, Inc. (the "Company"), the proposed holding company for Eastern Bank, announced today that it concluded the offering period … Eastern Bankshares, Inc. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. We are here to help you with access to these emergency funds. Eastern Bankshares EPS beats by $0.07, beats on revenue Seeking Alpha - 4/29/2021 4:22:00 PM: Eastern Bankshares, Inc. Reports First Quarter 2021 Financial Results Business Wire - 4/29/2021 4:17:00 PM: Rowley Law PLLC is Investigating Proposed Acquisition of Century Bancorp, Inc. PR Newswire (US) - 4/8/2021 6:30:00 PM Eastern’s community commitment goes back two hundred years to the Bank’s founding. Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the holding company for Eastern Bank, tod Eastern Bankshares, Inc… This tension makes CEO Bob Rivers one of our community bankers to watch in 2021. The shares of common stock of Eastern Bankshares, Inc. are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The subscription and community offerings are being managed by Keefe, Bruyette & Woods, Inc. All questions concerning the offering or requests for offering materials should be directed to the Stock Information Center at 1-800-945-8598. IPO done, expectations mount for Eastern Bankshares Speculation is swirling that the Boston company will go on a buying spree after raising $1.8 billion, though some investors are advising caution. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. Eastern Bankshares, Inc. is a Massachusetts corporation formed in 2020 to conduct the offering. Shares not purchased in the subscription offering may be offered for sale to the general public in a “community offering,” with a preference given to residents of the communities served by Eastern Bank. Founded in 1818, Boston-based Eastern Bank has approximately $14 billion in assets and more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Eastern takes pride in its outspoken advocacy and community support that has exceeded more than $140 million in charitable giving since 1999 through the Eastern Bank Charitable Foundation. Eastern Bank also announced that the registration statement for the sale of the Company’s common stock has been declared effective by the Securities and Exchange Commission. The Company recommends that anyone wishing to use funds in an IRA or other retirement account to purchase shares in the subscription or community offering contact the Stock Information Center promptly, preferably at least two weeks before the September 16, 2020 offering deadline, for assistance. The additional capital will also allow Eastern to pursue strategic growth opportunities primarily by acquiring other banking and insurance agency businesses as opportunities arise. The subscription offering is expected to expire at 2:00 p.m., Eastern Time, on September 16, 2020. The total size of the offering was $1,793,000,000 based on an initial share price of $10.00. The corporators also approved the Company’s plan to donate to the Eastern Bank Charitable Foundation upon the completion of the conversion a number of shares of common stock of the Company equal to 4% of the shares that will be outstanding immediately after that donation. Andrea Goodman Eastern Bankshares, Inc (EBC) is a leading banks-regional business based in the US. p.alexander@easternbank.com / 781-596-4490, Jill Belliveau Before you invest, you should read that prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the offering. Eastern Bank It operates in two segments, Banking Business and Insurance Agency Business. Email In 2019, the EBCF granted approximately $9.5 million in 1,500 grants towards local efforts addressing employment, education, health care, housing, childcare and other basic human services. A registration statement relating to the proposed sale of these securities had been filed with the SEC, but has not yet become effective. The Companies; Our Business . Jill Belliveau The $12.3 billion-asset Eastern disclosed in a regulatory filing Thursday that it expects to raise $1.3 billion to $1.7 billion through an initial public offering that should take place later this year.. Eastern Bankshares will be the holding company. BOSTON, June 18, 2020 – Eastern Bank Corporation, the mutual holding company of Eastern Bank, today announced that its Board has unanimously approved a plan to convert to a fully public stock holding company, which will be known as Eastern Bankshares, Inc. As part of the conversion, Eastern intends to give the Eastern Bank Charitable Foundation a 4% equity interest in Eastern Bankshares. Eastern Bankshares, Inc. is a Massachusetts corporation formed in 2020 to conduct the offering. The shares will first be offered in a subscription offering based upon the following priorities: The Company intends to mail the subscription materials via First Class Mail beginning on August 20, 2020. Eastern Bankshares, Inc. will be the stock holding company for Eastern Bank upon the completion of the offering and the conversion. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Business Wire 04/29/2021 04:17 PM ET. The conversion and stock offering will have no impact on the depositors, borrowers or other customers of Eastern Bank. The offer is made only by the Company’s prospectus (and, in the case of the subscription offering, an accompanying stock order form). Fiscal Year-end 12/2021. Net income for the first quarter of 2021 was $47.7 million, or. Eastern Bankshares, Inc. will be the stock holding company for Eastern Bank upon the completion of the offering and the conversion. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 781-598-7847 The public offering of common stock by Eastern Bankshares that is anticipated for later this year will be made in a subscription offering to qualifying Eastern Bank depositors, Eastern tax qualified employee plans, and Eastern employees, directors and corporators. Boston, Massachusetts 02110. These forward-looking statements are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. Any reference in this prospectus to the term “offering” refers to the offering of Eastern Bankshares, Inc. common stock in the subscription, community and syndicated offerings described in this prospectus. . The Eastern FlexEquity Account – A Home Equity Line of Credit, Eastern Portfolio (Wealth Management Online Access), Eastern Treasury & Eastern Business Banking. It operates in two segments, Banking Business and Insurance Agency Business. Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides commercial banking products and services primarily to retail, commercial, and small business customers. For general press inquiries, please email or call our media relations team. The bank's IPO occurred in October 2020. The Company disclaims any obligation to publicly release any revision made to any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Stock Information Center, will be open Monday through Friday from 10:00 a.m. to 4:00 p.m., Eastern Time, beginning Monday, August 24, 2020 and continuing through Wednesday, September 16, 2020 at 2:00 p.m., Eastern Time.
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