Eastern Bankshares, the stock holding company for Eastern Bank, and Cambridge Bancorp, the parent company of Cambridge Trust Company, have received regulatory approvals to complete their proposed merger, which was previously announced on Sept. 19, 2023. The merger is expected to close on or about July 12, 2024.
The Massachusetts-based banks each have about 1% of total deposit marketshare in NH. Cambridge Trust Company, has six locations in NH and $469 million in deposits in the state in June 2023, according to the Federal Deposit Insurance Corporation, while Eastern Bank has seven NH locations and more than $420 million in deposits in the state.
“We are thrilled to receive the required regulatory approvals for our merger with Cambridge Trust, and we look forward to completing the integration of our two companies,” says Bob Rivers, CEO and chair of the boards of Eastern and Eastern Bank. “This merger will create a $26 billion organization that is positioned as Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts. We are deeply grateful to the incredible teams at both banks for their work in supporting this merger, and their outstanding customer service, collaboration and engagement in the communities where we operate. We look forward to welcoming our newest colleagues to Eastern and continuing to serve the needs of our customers with a comprehensive suite of banking and wealth management services.”
Denis Sheahan, chairman, president and CEO of Cambridge Trust, says, “This is an exciting time as our two banks come together to offer outstanding capabilities and enhanced opportunities for products and services to our valued customers. Many of the familiar faces that customers have come to know will continue in their roles, and we look forward to introducing all customers to the strengths of the combined organization and continuing to serve our communities.”
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