Eastern Bankshares, Inc. and Cambridge Bancorp have received regulatory approvals for their merger, which is expected to be finalized on July 12, 2024. The combined organization will have a total value of $26 billion and establish itself as the premier local bank in Greater Boston while also becoming the largest independent investment advisor owned by a bank in Massachusetts.
According to Bob Rivers, CEO and Chairman of Eastern Bankshares and Eastern Bank respectively, this merger will bring together two strong institutions that are committed to providing exceptional banking services. He further added that they are excited about welcoming their new colleagues from Cambridge Bancorp into the Eastern family as they continue to offer comprehensive banking solutions along with wealth management services.
Denis Sheahan, chairman, president and CEO of Cambridge Trust expressed his enthusiasm for this partnership stating that it opens up new opportunities for customers through enhanced products and services. Shareholders from both banks gave their approval for the merger on February 28th ,2024.
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