
Eastern Bank Won’t Rule Out a 2025 Merger
With the year 2025 already underway, Eastern Bank executives reflected on the Boston-based bank’s merger with Cambridge Trust last year – and said they were open to another deal this year.
With the year 2025 already underway, Eastern Bank executives reflected on the Boston-based bank’s merger with Cambridge Trust last year – and said they were open to another deal this year.
2024 was another busy year in the Massachusetts banking sphere.
In its third-quarter earnings call, Eastern Bank highlighted how it had outperformed merger expectations now that the Cambridge Trust merger is in the rearview mirror.
The fall opened with flurry of bank M&A in Massachusetts, and more deals could be on the horizon as the Federal Reserve follows through on promised rate cuts.
Eastern Bank’s merger with Cambridge Trust, finalized in July, is also seeing the two lenders’ executive teams combine.
Eastern Bank has promoted former Cambridge Trust Co. executive Ryan Hanna as the new chief investment officer at Cambridge Trust Wealth Management.
Eastern Bank closed its merger with Cambridge Trust earlier this month, and executives spent part of the bank’s second-quarter earnings call looking ahead to the deal’s benefits while not expressing any immediate desire to continue expansion.
Eastern Bank announced today that its merger with Cambridge Trust has successfully closed.
Eastern Bank’s pending merger with Cambridge Trust has taken another step closer to completion with the recent appointment of four Cambridge Trust directors to Eastern’s board.
After eight months of waiting, Massachusetts’ biggest bank merger deal in years is slated to go ahead.
Eastern Bank executive said they are highly confident the bank’s merger with Cambridge Trust won’t be delayed much longer.
Eastern Bank and Cambridge Trust say their merger, formerly anticipated to close in the first quarter, won’t be completed on schedule.
Cambridge Trust recorded a $2.7 million decline in non-interest, non-recurring expenses which resulted in a higher net income in the fourth quarter.
Eastern Bank is resolving its three troubled office loans from the third quarter of last year, plus a new non-performing real estate loan that cropped up in the fourth quarter, by selling them at a loss.
In what may prove to be one of its final quarters as an independent bank, Cambridge Trust reported its net income fell 6 percent year-over-year.
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.
The head of Eastern Bank says its proposed $528 million all-stock merger with Cambridge Trust will create a local winner that can challenge Santander for deposit share in Greater Boston.
It’s been almost six months since Silicon Valley Bank and First Republic Bank failed but Massachusetts banks are continuing to hire top-tier talent away from the two failed banks’ successors with the intent of bringing in more business to their books.
With a resilient job market and consumer spending raising hopes the U.S. economy will achieve a “soft landing,” a top Cambridge Trust banker sees that there remains a risk the Federal Reserve will take its interest rate hikes too far, leading to recession.
The second quarter result was strongly influenced by the $3.1 million expense that come with its latest merger and the associated systems conversion. If not for the one-off expense, the company said its operating net income would have decreased by a mere 24.3 percent.