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Eastern Bank Plans Conversion to Public Company

Published Wednesday Jun 24, 2020

Eastern Bank Plans Conversion to Public Company

Eastern Bank Corporation, the mutual holding company of Eastern Bank, is going public. According to a statement, the 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 Banks has branch locations a half-dozen NH cities.

"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. "The conversion also provides an opportunity to build upon the incredible commitment of our depositors, employees, corporators and community partners. We want to express our greatest appreciation to them and look forward to making this offering available. 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."

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. 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 statement reads.

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