Eastern Bankshares, Inc. completed its merger with Cambridge Bancorp, the parent company of Cambridge Trust Company, in an all-stock transaction initially announced on September 19, 2023.

Under the terms of the agreement, each share of Cambridge common stock was exchanged for 4.956 shares of Eastern common stock, resulting in the issuance of approximately 39.2 million Eastern shares. The combined entity now boasts approximately $27.1 billion in total assets, $18.0 billion in total loans, $22.6 billion in deposits, and $7.6 billion in assets under management and administration.

As part of the merger, Denis Sheahan, formerly Chairman, President, and CEO of Cambridge, has assumed the role of Chief Executive Officer of Eastern and Eastern Bank, and has joined Eastern's Boards of Directors. Quincy Miller, previously President of Eastern and Vice Chair and President of Eastern Bank, has been promoted to Chief Operating Officer. Both Sheahan and Miller report directly to Bob Rivers, who continues as Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank.

J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. BofA Securities, Inc. served as financial advisor and Hogan Lovells US LLP provided legal counsel to Cambridge.