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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. ....
(Separate multiple addresses with a comma) Your Email Address Your Message (optional) 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 appro ....
Eastern Bank, Century Bank announce $642M merger agreement Deal expected to close before end of year Share Updated: 10:23 AM EDT Apr 8, 2021 Eastern Bank, Century Bank announce $642M merger agreement Deal expected to close before end of year Share Updated: 10:23 AM EDT Apr 8, 2021 Hide Transcript Show Transcript PERIOD EXTENDS UNTIL THE END OF APRIL. ANTOINETTE: A BLOCKBUSTER BANK ACQUISITION. BOSTON-BASED EASTERN BANK WILL ACQUIRE MEDFORD-BASED CENTURY BANK AND TRUST IN A $642 MILLION DEAL. EASTERN BANK WENT PUBLIC IN OCTOBER. THE DEAL COMBINES TWO OF THE LARGEST COMMU TRACKING THE COVID-19 VACCINE Deal expected to close before end of year Share Updated: 10:23 AM EDT Apr 8, 2021 ....
Century Bancorp Leaps on Deal to Be Bought by Eastern Bankshares Eastern Bankshares, which went public in October, agreed to pay $115.28 a share, or $642 million, for Century Bancorp. Author: Apr 8, 2021 11:29 AM EDT Eastern Bankshares EBC, the Boston bank-holding company that went public in October, agreed to pay $115.28 a share cash, or $642 million, for Century Bancorp. The accord boosted the shares of Century Bancorp, Medford, Mass. At last check they were 25% higher at $114.15. Eastern Bankshares was off 1.6% at $18.90 a share. Eastern Bankshares operates Eastern Bank. Century Bancorp is the parent of Century Bank & Trust Co. Eastern also lifted its quarterly dividend by a third to 8 cents a share, payable June 15 to holders of record June 3. ....
Eastern Bankshares buys insurance agency 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.