Eastern Bank Looks Ahead to Merger Benefits

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. 

Cambridge Trust Sees Q2 Income Drop 42.7 Percent

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.

Berkshire Bank Writes Off $554M in Goodwill

With most bank stocks trading much lower than pre-pandemic levels, Berkshire Bank announced in its second-quarter earnings statement that it had written off all goodwill on its books resulting from previous acquisitions.