Eastern-Century deal could put Boston back on the banking map
Finally, a locally based retail bank with considerable heft is emerging, following Easternâs 2020 IPO
By Jon Chesto Globe Staff,Updated April 8, 2021, 1 hour ago
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Eastern chief executive Bob Rivers has made no secret of his desire to buy up smaller banks.Blake Nissen/The Boston Globe
For nearly two decades, the musical chairs of deal-making in the financial industry left Boston without a major independent bank to call its own.
That may soon change, starting potentially with Eastern Bankâs $642 million acquisition of rival Century Bank announced late Wednesday. The deal would be Easternâs first bank acquisition since it converted from a mutually owned bank to a public company in October, and its largest by far.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Eastern Bankshares, Inc. and Century Bancorp, Inc. Enter Into Definitive Agreement To Merge
April 8, 2021 GMT
BOSTON & MEDFORD, Mass. (BUSINESS WIRE) Apr 7, 2021
Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), today jointly announced they have entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million. This in-market transaction comes less than six months after Eastern’s initial public offering that raised approximately $1.7 billion in equity capital.
Eastern Bankshares to buy Century Bancorp for $642 million americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Eastern Will Triple Market Share in Key County with Century Deal Apr 8, 2021 | Reprints | Print
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. The move will triple Eastern’s market share in Middlesex County and mark its entry into marijuana banking.
The banks announced the deal in a statement Wednesday evening. The merger agreement has been unanimously approved by both boards of directors, the banks said in the statement.
Eastern said it would use cash on hand from its balance sheet to fund the purchase. Century shareholders will receive $115.28 in cash for each share of Century Bancorp Inc.’s common stock, and the $642 million purchase price represents 1.75 times Century’s tangible book value as of Dec. 31, according to the statement.
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Eastern Bank, Century Bank Agree to Merge
April 08, 2021, 07:37 AM
Eastern Bankshares, the stock holding company for Eastern Bank, and Century Bancorp, the stock holding company for Century Bank and Trust Company, jointly announced they have entered into a definitive all-cash merger agreement with an aggregate transaction value of $642 million. This in-market transaction comes less than six months after Easternâs initial public offering that raised approximately $1.7 billion in equity capital.
Under terms of the merger agreement, which has been unanimously approved by both boards of directors, Century shareholders will receive $115.28 in cash for each share of Century Bancorp, Inc.âs common stock. The acquisition is expected to close in the fourth quarter of 2021, subject to certain conditions, including the receipt of required regulatory approvals, shareholder app