Eastern Bankshares Inc (EBC)

[LordDarley]

Brussel, Glad to have you on board. Based on the prospectus, the $1.8B will be used for acquisitions and also for improvement of internet/mobil banking.

EBC is now the gorilla, by capitalization, of the demutualized banks in Massachusetts. I have no idea who they might want to court, but they have had great success in the past (as a mutual bank) in acquiring banks in Massachusetts and New Hampshire.

The CEO is smart, and came up under the previous CEO, who came up under the CEO before him. It's a good culture.

I don't see a quick takeover by some huge bank, but they would be attractive. FDIC rules would prohibit takeover for at least three years, but I'd like to think the young CEO meant what he said in an interview which was to expand the bank to a $40B institution.

EBC is a long term hold for me. No promises, of course.