Articles from Eastern Bank

Eastern Bank is pleased to welcome Andrew Hersom as Senior Vice President, Head of Investor Relations. Mr. Hersom brings over 19 years of investor relations experience. He joins Eastern Bank from Argo Group International Holdings where he was head of investor relations responsible for interfacing with the investment community. Prior to that, Mr. Hersom was Senior Vice President of Investor Relations with People’s United Financial, Inc. until the company’s acquisition by M&T Bank. Previously, he was Director, Investor Relations with The Travelers Companies, Inc. and a financial analyst with Citigroup Life Insurance & Annuities. Mr. Hersom earned a Bachelor of Arts degree, magna cum laude, from Providence College and an MBA degree from the University of Connecticut.

Eastern Bank is pleased to announce that for the eleventh consecutive year, it received a score of 100 on the Human Rights Campaign Foundation’s 2025 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. Eastern joins 765 U.S. businesses that also earned top marks this year.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s fourth quarter 2024 results:

Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) and 504 loans in Massachusetts for the 16th consecutive year.

Eastern Bank, Greater Boston’s leading local bank, is pleased to announce that Kimberly Dee, a highly accomplished retail, customer transformation and business banking executive, has been named Executive Vice President, Consumer Banking Director. She will also serve on the Bank’s Management Committee, comprised of Eastern’s most senior executives. Dee most recently served as Executive Vice President and Head of the Retail Branch Network of Citizens Financial Group, where she was a member of its Executive Leadership Group.

Eastern Bankshares, Inc. (the “Company”) (NASDAQEBC), the holding company of Eastern Bank, today announced its 2024 third quarter financial results.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s third quarter 2024 results:

Following its recent merger with Cambridge Trust and as part of its enhanced focus on product development, wealth management and private banking, Eastern Bank is pleased to announce that Executive Vice President Sujata Yadav has been named Chief Product Officer, and several former Cambridge Trust leaders have been named to the following roles at Eastern Bank: Jeffrey F. Smith, Executive Vice President, Wealth Management; Danielle Remis Hackel, Executive Vice President, Chief Marketing Officer; and Kerri A. Mooney, Executive Vice President, Private Banking.

Eastern Bank is pleased to announce it has been recognized by Disability:IN as a top-scoring business in the Disability Equality Index® and as a 2024 Best Place to Work for Disability Inclusion. The Disability Equality Index is a joint initiative of Disability:IN and The American Association of People with Disabilities, and is acknowledged today as the most robust disability inclusion assessment tool in business.

Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2024 second quarter financial results, the declaration of a quarterly cash dividend, and the authorization of a share repurchase program.

Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, today announced the closing of its merger with Cambridge Bancorp (NASDAQCATC) (“Cambridge”), the parent company of Cambridge Trust Company (the “Merger”). The all-stock transaction was originally announced on September 19, 2023.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s second quarter 2024 results:

Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of four members of Cambridge Bancorp’s (NASDAQCATC) (“Cambridge”) Board of Directors to the Eastern and Eastern Bank Boards of Directors (together, the “Eastern Boards of Directors" or the “Eastern Boards”) effective upon the closing of the companies’ pending Merger (the “Merger”).

Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, and Cambridge Bancorp (NASDAQCATC) (“Cambridge”), the parent company of Cambridge Trust Company, today jointly announced they have received all necessary regulatory approvals to complete their proposed merger (the “Merger”), which was previously announced on September 19, 2023. The Merger is expected to close on or about July 12, 2024.

Eastern Bank is pleased to announce it has provided the financing to facilitate Capstan Atlantic’s conversion to an employee-owned company. Founded in 1956 and located in Wrentham, MA, Capstan Atlantic is an industry leading powder metal manufacturer producing complex gears, sprockets and structural components for the automotive industry and a wide array of other applications, including lawn mowers, snowblowers and all-terrain vehicles. Eastern Bank is providing a term loan to support Capstan Atlantic’s conversion to employee ownership through the implementation of an Employee Stock Ownership Plan (ESOP), making it a fully employee-owned company. Eastern Bank is also providing a revolving line of credit to support the company’s ongoing financial needs.

Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2024 first quarter financial results and the declaration of a quarterly cash dividend.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s first quarter 2024 results:

Eastern Bank is pleased to announce global ground transportation company DPV Transportation, Inc. (DPV) as a new commercial banking customer. Headquartered in Everett, MA, DPV is the largest certified minority-owned ground transportation business in New England operating a fleet of over 80 vehicles from Greater Boston to New York and employing hundreds of people. After working with Eastern Bank as a small business banking customer during its start-up, DPV is now transitioning to the bank’s commercial banking portfolio. Eastern Bank is providing a $5 million equipment line of credit for growth capital to support the purchase of new vehicles and a $1 million revolving line of credit to support the company’s ongoing working capital and general corporate needs.

Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 fourth quarter financial results and the declaration of a quarterly cash dividend.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s fourth quarter 2023 results:

Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) loans in Massachusetts for the 15th consecutive year.

Eastern Bank is pleased to announce that for the tenth consecutive year, it received a score of 100 on the Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. Eastern joins 545 U.S. businesses that also earned top marks this year.

Eastern Bank is pleased to announce Avedis Zildjian Co. (Zildjian), the oldest family-owned business in the United States and the world’s largest maker of cymbals, drumsticks and percussion mallets, as a new commercial customer. Founded in 1623 and headquartered in Norwell, MA, Zildjian’s products are sold globally, inspiring people to express themselves through music. Eastern Bank’s credit solution includes traditional working capital and real estate financing and growth capital to support the company’s next stage of growth.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today it has completed the previously disclosed sale of Eastern Bank’s insurance operations, which conduct business under the name Eastern Insurance Group LLC (“Eastern Insurance”), to Arthur J. Gallagher & Co. (NYSEAJG) (“Gallagher”).

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of Marisa J. Harney and Linda M. Williams to its Board of Directors effective immediately. They have also each been appointed to the Audit and Risk Management Committees of the Board effective January 1, 2024. They will also serve on the Board of Directors of the Company’s banking subsidiary, Eastern Bank.

Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 third quarter financial results and the declaration of a quarterly cash dividend of $0.11 per share, representing a $0.01, or 10%, increase from the most recent quarterly dividend.

Eastern Bankshares, Inc., the stock holding company for Eastern Bank, announced today it has been recognized with the 2023 NACD Diversity, Equity & Inclusion Awards’ Public Company – Small Cap Category. The annual award recognizes boards that have improved their governance and created long-term value for stakeholders by implementing forward-thinking diversity, equity and inclusion (DE&I) practices. It is presented by the National Association of Corporate Directors (NACD), the authority on boardroom practices representing more than 23,000 corporate board members.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s third quarter 2023 results:

Eastern Bankshares, Inc. (“Eastern” or the “Company”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, announced that its wholly owned subsidiary Eastern Insurance Group, LLC (“Eastern Insurance”) today entered into a definitive agreement to sell its insurance operations to Arthur J. Gallagher & Co. (NYSEAJG) (“Gallagher”) for approximately $510 million (“the insurance transaction”). Also today, Eastern and Cambridge Bancorp NASDAQ: CATCNASDAQCATC)

Eastern Bank is pleased to announce its financing for the development of the LeClair Village Apartments, in Mashpee, MA. Scheduled to open in 2025, LeClair Village will feature 39 affordable rental units designed to serve low- and moderate-income households, including 14 one-bedroom apartments, 21 two-bedroom units, and 4 three-bedroom apartments. Eastern is providing a construction loan for the build-out of the Village, permanent financing for the ongoing operations of the Village, and an estimated $10 million in Federal Low-Income Housing Tax Credit investment.

Eastern Bank is pleased to announce the election of six local community and business leaders to its Board of Advisors and Board of Ambassadors.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 second quarter financial results and the declaration of a quarterly cash dividend.

Eastern Bank is pleased to announce it has provided the financing to facilitate Raycon Construction, LLC’s sale of 100% of its stock to a newly formed Employee Stock Ownership Plan (ESOP). Founded in 2007, Raycon Construction is one of the largest privately-owned concrete construction contractors in the Northeast. Eastern Bank is also providing a revolving line of credit to support the company’s ongoing financial needs. This financing builds on a long-standing business relationship, as Eastern Bank’s subsidiary Eastern Insurance Group LLC has provided commercial insurance to Raycon Construction for more than a decade.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s second quarter 2023 results:

Eastern Bank is pleased to announce its financing for SPS New England, Inc.’s (SPS New England) conversion to an employee-owned company. Founded in 1984, SPS New England is a bridge, highway, transit and marine contractor providing construction, bridge repair and design-build services to municipal and state clients throughout New England. After working with SPS New England since 2017, Eastern Bank is now providing a term loan to support SPS New England’s conversion to employee ownership through the implementation of an Employee Stock Ownership Plan (ESOP), making it a fully employee-owned company. Eastern Bank is also providing a revolving line of credit to support the company’s ongoing financial needs.

Three of Boston’s award-winning business leaders in the hospitality and entertainment sector, Nia Grace—owner of Darryl’s Corner Bar & Kitchen and The Underground Café & Lounge—along with Ed Kane and Randy Greenstein—owners of Big Night Entertainment Group—have joined forces to open ‘Grace by Nia’, a modern-day supper club for which Eastern Bank is providing financing. Opened on May 11th in Boston’s Seaport District, Grace by Nia puts a new twist on the supper club concept, featuring over 5,000 square feet of restaurant and live entertainment space, a Southern soul-infused menu, and a stage for live jazz music. Eastern Bank provided the term loan for the lease-hold improvements to support the build-out of the space.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 first quarter financial results and the declaration of a quarterly cash dividend.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s first quarter 2023 results:

As part of its deep and long-standing commitment to drive greater economic inclusion and mobility, Eastern Bank is announcing today the launch of Equity Alliance for Business to further advance the growth of underrepresented business owners and entrepreneurs. Specifically for business owners who are women or people of color and all their intersectionality, including the LGBTQIA+, veterans and disabled communities, Equality Alliance for Business provides a specialized credit offering designed to meet the needs of diverse business owners. It also provides access to other banking and community services as well as entrepreneurial insights and tools, with input from leading business support organizations and delivered by a team of diverse bankers.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2022 fourth quarter financial results and the declaration of a quarterly cash dividend. Net income for the fourth quarter of 2022 was $42.3 million, or $0.26 per diluted share, compared to net income of $54.8 million, or $0.33 per diluted share, reported for the third quarter of 2022. Operating net income* for the fourth quarter of 2022 was $49.9 million, or $0.31 per diluted share, compared to $55.7 million, or $0.34 per diluted share, reported for the prior quarter.

Eastern Bank is pleased to announce Done Right Building Services, Inc. (DRB Facility Services) as a new commercial customer. Founded in 1993 by President and CEO Anthony Samuels, DRB Facility Services provides comprehensive facilities services including commercial cleaning, landscape management, sustainable and green cleaning, and metal restoration and maintenance. Its clients include public transportation systems, higher education facilities, government buildings, retail environments, companies and office buildings across the United States. Eastern Bank is providing $3 million in financing, which includes a revolving line of credit for working capital, an equipment line of credit, and financing for acquisitions as DRB Facility Services seeks to expand its role in the industry.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s fourth quarter 2022 results:

Eastern Bank has been named by the U.S. Small Business Administration (SBA) as the top lender to small businesses for SBA 7(a) and 504 loans in Massachusetts for the 14th consecutive year.

Eastern Bank Foundation, the philanthropic arm of Boston-based Eastern Bank, is pleased to announce Jerry Rubin has joined its team as a Foundation Fellow focused on promoting workforce development for adults, a strategic area in the Foundation's work to support economic inclusion and mobility across the region. Eastern Bank Foundation Fellows bring deep expertise to the Foundation’s investments in driving systems change to affect economic mobility.

Eastern Bank and the Foundation for Business Equity (FBE), an award-winning Boston-based nonprofit organization working to scale small businesses of color, are pleased to announce the merger of FBE with Mill Cities Community Investments (MCCI), a significant step to strengthening their services and extending their impact. The merger marks a major milestone in the continued growth of FBE and the completion of its incubation period at Eastern Bank. In 2017, Eastern Bank created FBE, serving as the founding funder with an initial $10 million grant and which has grown to over $13 million in total support, as part of its deep and long-standing commitment to address the racial wealth inequities, and drive greater economic inclusion and mobility.

Eastern Bank Foundation, the philanthropic arm of Boston-based Eastern Bank, is pleased to announce it is honoring Ralph C. Martin II with the 2022 Social Justice Award. The award, now in its 34th year, recognizes community leaders who have made an outstanding impact in addressing critical social justice issues. Ralph has dedicated his career to advancing economic inclusion, and his commitment to social justice in our communities endures.

Eastern Bank and Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, are pleased to announce The Forsyth Institute (Forsyth) as a new commercial banking and insurance customer. Founded in 1910 as a pediatric dental hospital serving disadvantaged children in the Boston area, Cambridge-based Forsyth is the nation’s only independent research institute focused on the connection between oral health and overall well-being, with a focus on biological research, clinical service and public health outreach, and technological innovation. Eastern Bank is providing a revolving line of credit to support the organization’s ongoing working capital, growth and general corporate needs. In addition, Eastern Insurance Group has consulted with Forsyth to develop a customized risk management program for Forsyth’s commercial, personal and employee benefits needs.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2022 third quarter financial results and the declaration of a quarterly cash dividend. Net income for the third quarter of 2022 was $54.8 million, or $0.33 per diluted share, compared to net income of $51.2 million, or $0.31 per diluted share, reported for the second quarter of 2022. Operating net income* for the third quarter of 2022 was $55.7 million, or $0.34 per diluted share, compared to $52.5 million, or $0.32 per diluted share, reported for the prior quarter.

Eastern Bank is pleased to announce Crime Prevention Security Systems, LLC (CPSS) as a new commercial customer. Founded in 1975 by John Pastore, Founder and President, and his wife Randi Elrad, Vice President of Sales, CPSS is a family-owned business. Headquartered in Gainesville, Florida, servicing North and Central Florida, CPSS designs, installs and services security and fire alarm systems, as well as home automation systems, audio and video. Eastern Bank is providing a full banking solution to CPSS, which includes a revolving line of credit and cash management services.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s third quarter 2022 results:

Eastern Bank Foundation is pleased to announce Robert Jenkins, the former, longtime Executive Director of the Brockton Redevelopment Authority (BRA), as a 2022 Community Advocacy Award honoree for their support of small business owners and revitalization efforts in the City of Brockton.

Eastern Bank Foundation is pleased to announce EforAll/EparaTodos Merrimack Valley as a 2022 Community Advocacy Award honoree, for its work supporting a vibrant and strong entrepreneurial ecosystem in Merrimack Valley for businesses owned by women, Black, Indigenous and People of Color (BIPOC), and immigrants.

Eastern Bank Foundation is pleased to announce the North Shore Latino Business Association (NSLBA) as a 2022 Community Advocacy Award honoree for its dedicated work with Latino business owners and entrepreneurs. This recognition is happening as part of this year’s Hispanic Heritage Month celebration.

Eastern Bank Foundation is pleased to announce Innovation Studio as a 2022 Community Advocacy Award honoree for its empowerment of Black, Indigenous and People of Color (BIPOC) and women entrepreneurs to grow their ideas into successful businesses.

Eastern Bank Foundation is pleased to announce Amplify POC Cape Cod (Amplify POC) as a 2022 Community Advocacy Award honoree for its programming, education and resources that help increase sustainable business ownership for people of color (POC) on Cape Cod.

Eastern Bankshares, Inc. (“Eastern” or the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, today announced that it has received regulatory non-objection to proceed with a new share repurchase program, under which the Company is authorized to purchase up to 8,900,000 shares, representing approximately 5% of Eastern’s shares of common stock now outstanding. The repurchase program, which is limited to $200 million through August 31, 2023, may be modified or terminated by the Board of Directors of the Company at any time.

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, announced today that it has acquired the operating assets of the John T. Burns Insurance Agency, Inc, a full-service insurance agency located in Newtonville, MA. The transaction is effective August 1, 2022 and marks the 36th acquisition of an independent insurance agency by Eastern Insurance since 2002 and its second this year.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2022 second quarter financial results and the declaration of a quarterly cash dividend. Net income for the second quarter of 2022 was $51.2 million, or $0.31 per diluted share, compared to net income of $51.5 million, or $0.30 per diluted share, reported for the first quarter of 2022. Operating net income* for the second quarter of 2022 was $52.5 million, or $0.32 per diluted share, compared to $55.1 million, or $0.32 per diluted share, reported for the prior quarter.

Eastern Bank Foundation, the philanthropic arm of Boston-based Eastern Bank, is pleased to announce the promotion of Turahn Dorsey to Chief Impact Officer, a newly created role focused on advancing the Foundation’s impact across the communities it serves in Massachusetts, New Hampshire and Rhode Island. For over 25 years, Mr. Dorsey has been leading and supporting civic change and building collaborative solutions as an evaluator, grant maker, strategist and public official focused on reform and innovation at the intersections of education, health, housing and economic development in Boston and across the U.S.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s second quarter 2022 results:

Eastern Bank Foundation is pleased to announce Boston Ujima Project (“Ujima”) as a 2022 Community Advocacy Award honoree for its innovative approaches to financing small businesses, growing wealth and creating a more equitable economy.

Eastern Bank is pleased to announce a $14 million loan to the Arts & Business Council of Greater Boston for its landmark purchase of the Western Avenue Studios & Lofts (WASL) in Lowell, MA. The WASL complex includes 240,000 square feet of space, 250 work-only artist studios, 50 live/work studios, and a brewery, cafe, and gallery, representing an economic development and cultural asset in Lowell and beyond.

Eastern Bank Foundation is pleased to announce the Sustainable Business Network of Massachusetts (SBN) as a 2022 Community Advocacy Award honoree for its work to cultivate a strong, local business ecosystem that works for racial justice and equity, builds the local economy and advances environmental solutions.

Eastern Bank is pleased to announce Asian Atlantic Industries, LLC (AAI) as a new asset-based lending customer. Founded in 1998 by CEO Tom Mahoney, AAI is a global supplier of electronic components and semiconductors. Headquartered in Portsmouth, New Hampshire, AAI uses its proprietary software to track the universe of supply and demand, providing its customers with real-time product availability from its vast database of manufacturers and resellers.

Eastern Bank Foundation is pleased to announce the New Hampshire Community Loan Fund (the “Community Loan Fund”) as a 2022 Community Advocacy Award honoree for its pioneering efforts in providing loans, capital, training and technical assistance that assist businesses and people across New Hampshire with achieving economic stability. A Community Development Financial Institution (CDFI) founded 38 years ago, the Community Loan Fund helps New Hampshire residents gain access to affordable housing, secure jobs, and quality child care, and has reached 170 towns and every New Hampshire county. Impact reported by the Community Loan Fund includes more than $400 million in loans, and the creation or preservation of more than 10,800 affordable housing units and 3,900 jobs.

Eastern Bank Foundation is pleased to announce CommonWealth Kitchen (“CWK”) as a 2022 Community Advocacy Award honoree for its leadership in investing in BIPOC and women entrepreneurs who are starting and building food businesses with the goal of creating a thriving, equitable local food economy. Its comprehensive resources include education, training, infrastructure and industry networks.

Eastern Bank is pleased to announce the election of five local community and business leaders to its Board of Advisors and Board of Ambassadors.

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2022 first quarter financial results and the declaration of a quarterly cash dividend. Net income for the first quarter of 2022 was $51.5 million, or $0.30 per diluted share, compared to net income of $35.1 million, or $0.20 per diluted share, reported for the fourth quarter of 2021. Operating net income* for the first quarter of 2022 was $55.1 million, or $0.32 per diluted share, compared to $44.9 million, or $0.26 per diluted share, reported for the prior quarter.

Eastern Bank is pleased to announce Charles D. Sheehy, Inc. (Sheehy) as a new commercial banking customer. Founded in 1951, Sheehy is a fourth-generation, privately-owned supplier of pipes, valves, fittings and mechanical products serving the contracting industry in New England. Headquartered in Avon, MA, Sheehy has more than 50 employees. Eastern Bank is providing financing for a working line of credit, term loan and commercial real estate mortgage to support the company’s ongoing financial and growth needs.

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s first quarter 2022 results:

Eastern Bank is pleased to announce Boston Battery LLC as a new asset based lending customer. Boston Battery is an independent, locally owned wholesale distributor of Interstate Batteries, North America’s market leading automotive battery brand for over 60 years. Boston Battery serves the southern New England market via its four retail locations and over 1,000 authorized dealers. The company also offers a wide variety of non-automotive batteries for household, medical and industrial applications.

Eastern Bank is pleased to announce the following appointments to its Management Committee: Gregory P. Buscone, Executive Vice President, Senior Commercial Banking Officer; Martha A. Dean, Executive Vice President and Senior Operations Director; Timothy J. Lodge, President and CEO of Eastern Insurance Group LLC; Matthew A. Osborne, Executive Vice President, Senior Commercial Banking Officer; and Sujata Yadav, Executive Vice President and Chief Marketing Officer.

Eastern Bank Foundation, the philanthropic arm of Boston-based Eastern Bank, is pleased to announce Natalia Urtubey has joined its team as a Foundation Fellow focused on advancing equity in the small business ecosystem, a strategic area in the Foundation’s work to support economic inclusion and mobility across the region. Eastern Bank Foundation Fellows bring deep expertise to the Foundation’s investments to affect profound systems change to eliminate inequities.

Eastern Bank is pleased to announce Landrys, Inc. (Landry’s Bicycles) as a new commercial banking customer. Founded in 1922, Landry’s Bicycles is rated as one of "America's Best Bike Shops" by the National Bicycle Dealers Association and operates eight full-service, retail bicycle stores in Massachusetts, located in Boston, Braintree, Charlestown, Natick, Newton, Norwood, Westborough and Worcester. Landry’s has also been recognized as National Bicycle Dealer of the Year for supporting bicycle advocacy. Landry’s has more than 200 employees and is led by a team of dedicated, long-term employees. Eastern Bank provided a term loan to support Landry’s conversion to a 100% employee-owned company, and is also providing a revolving line of credit and banking services to support the company’s ongoing financial needs.

Eastern Bank is pleased to announce that for the ninth consecutive year, it received a score of 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. Eastern joins over 840 major U.S. businesses that also earned top marks this year, including 47 Massachusetts-based companies.