
Eastern, Rockland Completed Major Mergers Friday
The two mergers involving four of largest Massachusetts-based stock banks were completed on Friday as expected, bringing an end to two long-time fixtures in Greater Boston’s banking landscape.
The two mergers involving four of largest Massachusetts-based stock banks were completed on Friday as expected, bringing an end to two long-time fixtures in Greater Boston’s banking landscape.
After announcing its sale to Eastern Bank in early April, Century Bank saw earnings increase year-over-year by more than 7 percent in the second quarter.
Boston-based Eastern Bank will make its first bank acquisition since going public six months ago by acquiring Medford-based Century Bank in an all-cash deal valued at $642 million, a move that will triple Eastern’s market share in Middlesex County and mark its entry into marijuana banking.
Century Bank continued to see the number of loans needing COVID-19 modifications drop in the fourth quarter and ended the year with record earnings.
With quarterly earnings up 8 percent compared to a year ago, Century Bank has increased its shareholder dividend for the second time this year, after more than 15 years without an increase.
Century Bank has increased its shareholder dividend for the first time since 2003, according to its second quarter earnings statement.
Former Century Bank president and longtime board member George Swansburg has resigned from the bank’s board of directors.
The parent company of Medford-based Century Bank announced record earnings for the third quarter of 2019. Century Bancorp Inc.’s third quarter net income of $10.084 million
Century Bancorp posted a 6.6 percent year-over-year increase in its annual net income, the Medford-based holding company for Century Bank said this week.
Century Bancorp boosted earnings 6.1 percent year-over-year and grew assets to a new record in the second quarter this year.