Banker & Tradesman file photo

Eastern Bank said the merger with Cambridge Trust will lead to some branch closures, with many of both banks’ branches less than a mile from each other.

A total of 11 locations – eight Eastern Bank branches and three Cambridge Trust ones – will be closed for consolidation. Out of Cambridge Trust’s 22 acquired branches, 19 branches will be retained.

“We are not exiting any city or town where our combined network currently operates, and no branches will be closed in low- and moderate-income areas,” Eastern said in its announcement.

The bank noted that the consolidation will happen in the spring and summer of 2024, pending regulatory approval.

Eastern said all employees will be retained and that “over time and as branch consolidations happen, we will work to reassign colleagues with a combined team from both banks in order to serve the combined customer base with teams who are familiar with them.”

It noted that Eastern’s customers will gain access to 11 Cambridge Trust branches, including in six new markets, located in Massachusetts which are Belmont, Concord, North Andover and Weston; and in New Hampshire: North Hampton and Stratham.

Likewise, Eastern’s presence in Cambridge will also expand to four locations: Kendall Square, Harvard Square, Porter Square and Huron Avenue.

Eastern Bank and Cambridge Trust announced their proposed merger in September, which will result in a bank with a combined total assets of $27 billion and deposits reaching $22.7 billion, making it the fourth-largest deposit holder in the Greater Boston area.