Eastern Bankshares, Inc. And Cambridge Bancorp Announce Regulatory Approvals Received To Merge

Core Viewpoint - Eastern Bankshares, Inc. and Cambridge Bancorp have received all necessary regulatory approvals to complete their merger, expected to close on or about July 12, 2024, creating a $26 billion organization positioned as Greater Boston's leading local bank and the largest bank-owned independent investment advisor in Massachusetts [1][2]. Company Overview - Eastern Bankshares, Inc. is the stock holding company for Eastern Bank, founded in 1818, with over 120 locations and approximately $21 billion in total assets as of March 31, 2024 [5]. - Cambridge Bancorp, the parent company of Cambridge Trust Company, has approximately $5.37 billion in assets and operates 22 locations in Massachusetts and New Hampshire as of March 31, 2024 [6]. Merger Details - The merger was initially announced on September 19, 2023, and received shareholder approval on February 28, 2024 [2]. - The combined entity will enhance product and service offerings to customers, maintaining familiar faces in key roles [2].