SEastern Bankshares, Inc. and Century Bancorp, Inc. Receive the Necessary Regulatory Approvals from the Commonwealth of Massachusetts Division of Banks, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System to Complete Their Proposed Merger
September 27, 2021 at 05:05 pm EDT
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Eastern Bankshares, Inc. the stock holding company for Eastern Bank, and Century Bancorp, Inc., the stock holding company for Century Bank and Trust Company (Century Bank), a full service commercial bank with a full range of business, personal and institutional services, jointly announced they have received the necessary regulatory approvals from the Commonwealth of Massachusetts Division of Banks, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System to complete their proposed merger (the Merger). The Merger is expected to close in the mid-fourth quarter of 2021. On April 7, 2021, Eastern and Century announced they had entered into a definitive agreement to merge.
On July 7, 2021, Century's shareholders approved the agreement and plan of merger. The Merger is expected to solidify Eastern's leading position in Boston and Eastern Massachusetts.
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank (The Bank). Through the Bank, it provides a variety of banking and trust and investment services. Its diversified products and services include lending, deposit, and wealth management. It offers a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. Its banking business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including its wealth management and trust operations that it conducts through its Eastern Wealth Management division. It offers automated lock box collection services, cash management services and account reconciliation services to its corporate and institutional customers, as well as cash management services to its municipal clients. Its securities portfolio consists of government-sponsored residential mortgage-backed securities.
SEastern Bankshares, Inc. and Century Bancorp, Inc. Receive the Necessary Regulatory Approvals from the Commonwealth of Massachusetts Division of Banks, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System to Complete Their Proposed Merger