Eastern Bankshares Appoints Cambridge Bancorp Directors to its Board

Eastern Bankshares, Inc. has announced the appointment of four members of Cambridge Bancorp's board of directors to the Eastern and Eastern Bank boards of directors, effective upon the closing of the companies' pending merger. Denis Sheahan, Chairman, President, and CEO of Cambridge, will become the CEO of Eastern and join the Eastern boards of directors, with three Cambridge directors also being appointed.

The three Cambridge directors appointed to the Eastern boards of directors are industry leaders with extensive experience in banking and professional services, real estate, risk management, and corporate governance. They include Leon A. Palandjian, Cathleen A. Schmidt, and Andy S. Zelleke.

Leon A. Palandjian, the Chief Risk Officer of Intercontinental Real Estate Corporation, has served as a director of Cambridge Bancorp and Cambridge Trust since 2006. He has extensive investment experience in venture capital and private and public equity in the life sciences and real estate sectors.

Cathleen A. Schmidt has extensive leadership experience in banking and professional services, having served as the Chief Executive Officer at McLane Middleton, the largest full-service business law firm headquartered in Manchester, New Hampshire. She has also held positions at M&T Bank and Old Stone Bank.

Andy S. Zelleke, who has three decades of experience in corporate governance, leadership, and management, serves as the MBA Class of 1962 Senior Lecturer of Business Administration at Harvard Business School. He has also served on the faculty at the Harvard Kennedy School and the Wharton School of the University of Pennsylvania.

Denis K. Sheahan, Chairman, President, and CEO of Cambridge Trust Company and Cambridge Bancorp, will join the Eastern boards of directors as the CEO of Eastern.

Eastern and Cambridge announced their merger agreement on September 19, 2023, and have since received all required shareholder and regulatory approvals. The closing is expected to occur on or about July 12, 2024, after which Sheahan, Palandjian, Schmidt, and Zelleke will join the Eastern boards. Following these announcements, the company's shares moved -1.2%, and are now trading at a price of $13.81. Check out the company's full 8-K submission here.

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