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Eastern Bankshares Inc. completed a merger with Cambridge Bancorp with 100% stock consideration. Combined company has $27.1B in total assets, $18B in loans, $22.6B in deposits. Divested insurance services business to Arthur J. Gallagher & Co. for $515M. Merger expected to increase 2024 earnings per share by 20% and reduce tangible book value by 7.5%. Denis Sheahan became EBC CEO; 8 past mergers since 1997; shares rose 19.2% in past year.
- Eastern Bankshares Inc. completed a merger with Cambridge Bancorp with 100% stock consideration.
- Combined company has $27.1B in total assets, $18B in loans, $22.6B in deposits.
- Divested insurance services business to Arthur J. Gallagher & Co. for $515M.
- Merger expected to increase 2024 earnings per share by 20% and reduce tangible book value by 7.5%.
- Denis Sheahan became EBC CEO; 8 past mergers since 1997; shares rose 19.2% in past year.
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