Banking Recap

Eastern Bankshares, Inc. Announces Acquisition

This transaction is a stock-for-stock bank merger in which Eastern Bankshares, Inc. (ticker EBC), a company in the financial institutions group (FIG) sector, is the acquirer of Cambridge Bancorp, the target. The deal is classified under the M&A product group, and the disclosed deal value is not stated in the source document.

Jan 11, 2024·SEC EDGAR (S-4)·pending regulatory·stock-for-stock bank merger

The facts block is sourced from a single SEC filing: an S-4 filed with SEC EDGAR and published on January 11, 2024. The deal's current status is pending regulatory approval.

On the financial advisory side, BofA Securities, Inc. served as financial advisor to Cambridge Bancorp, the target, and is designated as lead advisor. The source material references a consent letter in which BofA Securities consents to the inclusion of its opinion letter, dated September 19, 2023, to the Cambridge board of directors, referenced under the heading "Summary, Opinion of Cambridge's Financial Advisor" in the joint proxy statement/prospectus relating to the merger. No financial advisor is disclosed for Eastern Bankshares, the acquirer, in the facts block.

No legal advisors were identified in the facts block for this transaction, for either Cambridge Bancorp or Eastern Bankshares.

Beyond the stock-for-stock characterization of the merger, the facts block does not specify the exchange ratio or other specific terms of the stock consideration.

Several material facts are not disclosed in the source material. No financial advisor is named for Eastern Bankshares, the acquirer, and no legal advisors are identified for either party. The disclosed deal value is not stated, and no expected closing date is given.