Eastern Bankshares, Inc. and Cambridge Bancorp have announced that they have received all necessary regulatory approvals to complete their proposed merger, which is expected to close on or about July 12, 2024. The merger will create a $26 billion organization and the largest bank-owned independent investment advisor in Massachusetts.
On September 19, 2023, Eastern and Cambridge entered into a definitive agreement to merge, and on February 28, 2024, shareholders of both companies approved all matters in support of the merger.
The combined organization's total assets are expected to be approximately $26 billion. This represents a significant increase from the combined total assets of Eastern Bankshares, Inc. and Cambridge Bancorp before the merger.
The merger is set to position the organization as Greater Boston's leading local bank and the largest bank-owned independent investment advisor in Massachusetts. This signals a substantial shift in market positioning for the combined entity.
The integration of the two companies is expected to provide enhanced capabilities and opportunities for products and services to their customers. This suggests that the merger is aimed at expanding the service offerings and improving the overall value proposition for customers.
The press release does not provide specific financial metrics or performance indicators for the individual companies or the combined entity. The market has reacted to these announcements by moving the company's shares -1.3% to a price of $13.4. If you want to know more, read the company's complete 8-K report here.
