Friday, December 04, 2020 4:25:19 PM
Here are my thoughts about EBC, with special insight as a Massachusetts resident knowing our tax laws:
The pluses are that EBC is so much bigger than its other demutalized competitors, and the management is focused. After 3 years, regulations would allow EBC, as a demutualized bank, to be acquired by one of the national banks. I trust the CEO's statement that this will not happen, and that the goal is to expand the franchise. It's WIN-WIN, whatever the result, but I hope EBC continues on its own path to excellence without Wall Street wanting to gobble it up.
Our pluses:
1. All banks have the tail wind of more monetary expansion, and the inevitable raising of rates.
2. For EBC, it is in the best market area of the country. In Massachusetts, our best employers (universities and hospitals) pay no taxes, so they can maintain high payrolls for employees, who buy houses and pay mortgages and do not default. In Massachusetts, in spite of its reputation as "Taxachusetts", the tax rate must be level (currently a mere 5%) and that is protected by the State constitution, and liberals have been unsuccesful over the years in getting voters to overturn it. In addition, no town can raise its real property tax rate by more than 2&1/2% without 2/3 local support, another great rule to protect mortgage lenders.
In sum, EBC is in the best market with great management, has tailwinds from federal support for banks in general, and has a valuation which is still not stretched, etc., etc. The "market" does not have to be risky if you buy the right stocks, and EBC continues to be my poster child.
Recent EBC News
- Eastern Bankshares, Inc. Reports First Quarter 2024 Financial Results • Business Wire • 04/25/2024 08:15:00 PM
- Eastern Bankshares, Inc. Announces First Quarter 2024 Earnings Release Date, Conference Call and Webcast • Business Wire • 04/04/2024 02:34:00 PM
- Eastern Bank Announces DPV Transportation (DPV) As A Commercial Banking Customer • Business Wire • 03/06/2024 04:45:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:37:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:24:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:52:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:29:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:18:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:17:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:14:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 10:22:11 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/25/2024 09:19:54 PM
- Eastern Bankshares, Inc. Reports Fourth Quarter 2023 Financial Results • Business Wire • 01/25/2024 09:15:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 01/22/2024 09:31:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/22/2024 09:28:53 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 01/16/2024 09:28:06 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 01/16/2024 05:15:17 AM
- Form S-4/A - Registration of securities, business combinations: [Amend] • Edgar (US Regulatory) • 01/11/2024 08:18:04 PM
- Eastern Bankshares, Inc. Announces Fourth Quarter 2023 Earnings Release Date, Conference Call and Webcast • Business Wire • 01/04/2024 03:12:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/03/2024 09:30:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/21/2023 09:05:37 PM
- Form S-4/A - Registration of securities, business combinations: [Amend] • Edgar (US Regulatory) • 12/20/2023 10:16:57 PM
- Eastern Bank Named #1 SBA Lender in Massachusetts for the 15th Year in a Row • Business Wire • 12/12/2023 06:04:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/05/2023 09:05:06 PM
- Eastern Bank Earns Top Score for 10th Consecutive Year in Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index • Business Wire • 12/05/2023 04:30:00 PM
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