Eastern Bankshares Completes Cambridge Bancorp Acquisition

TL;DR

Eastern Bankshares just bought Cambridge Bancorp, closing the deal on July 12th.

AI Summary

Eastern Bankshares, Inc. announced on July 12, 2024, the completion of its acquisition of Cambridge Bancorp. The transaction was previously announced on October 26, 2023. This filing also disclosed the departure of certain directors and officers, the election of new directors, and updates on compensatory arrangements.

Why It Matters

This acquisition signifies a significant expansion for Eastern Bankshares, potentially impacting its market share and competitive landscape in the banking sector.

Risk Assessment

Risk Level: medium — Acquisitions inherently carry integration risks, potential regulatory hurdles, and market reception uncertainties.

Key Players & Entities

• Eastern Bankshares, Inc. (company) — Registrant
• Cambridge Bancorp (company) — Acquired Company
• July 12, 2024 (date) — Completion Date of Acquisition
• October 26, 2023 (date) — Original Announcement Date of Acquisition

FAQ

Key Financial Figures

• $1.00 — , each share of common stock, par value $1.00 per share, of Cambridge ("Cambridge Com
• $0.01 — ange Ratio") of common stock, par value $0.01 per share, of the Company ("Company Com
• $550,000 — o will be paid an annual base salary of $550,000. He will also be eligible to receive a
• $8,400 — so be eligible for an auto allowance of $8,400 annually. Following his commencement
• $350,000 — rd of restricted stock in the amount of $350,000, which is expected to be awarded in the
• $200,000 — t. He will also receive a cash award of $200,000, payable approximately 90 days followin

Filing Documents

• d863528d8k.htm (8-K) — 50KB
• d863528dex22.htm (EX-2.2) — 18KB
• d863528dex991.htm (EX-99.1) — 9KB
• d863528dex992.htm (EX-99.2) — 92KB
• d863528dex993.htm (EX-99.3) — 13KB
• g863528g0712013109741.jpg (GRAPHIC) — 6KB
• 0001193125-24-178841.txt ( ) — 352KB
• ebc-20240712.xsd (EX-101.SCH) — 3KB
• ebc-20240712_lab.xml (EX-101.LAB) — 17KB
• ebc-20240712_pre.xml (EX-101.PRE) — 11KB
• d863528d8k_htm.xml (XML) — 3KB

Financial Statements and Exhibits

Financial Statements and Exhibits. (a)

Financial Statements of Business Acquired

Financial Statements of Business Acquired Historical financial statements of Cambridge Bancorp will be filed by amendment to this Current Report on Form 8-K (this "Report") no later than 71 days following the date that this Report is required to be filed. (b) Pro Forma Financial Information Pro forma financial information will be filed by amendment to this Report no later than 71 days following the date that this Report is required to be filed. (d) Exhibits The following exhibits are included with this Report: Exhibit Description 2.1 Agreement and Plan of Merger by and among Eastern Bankshares, Inc., Eastern Bank, Citadel MS 2023, Inc., Cambridge Bancorp and Cambridge Trust Company, dated as of September 19, 2023, incorporated herein by reference to Exhibit 2.2 to Form 8-K filed on September 19, 2023 2.2 Amendment No. 1 to Agreement and Plan of Merger by and among Eastern Bankshares, Inc., Eastern Bank, Citadel MS 2023, Inc., Cambridge Bancorp and Cambridge Trust Company, dated as of July 2, 2024 99.1 Offer Letter, dated June 28, 2024, between Eastern Bank and R. David Rosato 99.2 Change in Control Agreement, effective August 1, 2024, among Eastern Bankshares, Inc., Eastern Bank and R. David Rosato 99.3 Press Release dated July 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. EASTERN BANKSHARES, INC. DATE: July 15, 2024 By: /s/ James B. Fitzgerald Name: James B. Fitzgerald Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR