Wednesday, April 07, 2021 9:19:29 PM
EBC will acquire Century Bank. Nasdaq: CNBKA. This is a well known bank in New England, run by the Sloane family since it was founded in 1969.
All cash deal with cash on hand: $642M. We are putting some of the $1.8B raised in the IPO to good use. It's a little pricey at 1.75 x tangible book, but a fair price. Eastern projects this to be 55% accretive to earnings on a fully synergized basis and to have an IRR of approximately 17%.
This might be one of the rare situations when an acquirer's stock goes up the next day, but whatever happens tomorrow, the future is very bright.
Recent EBC News
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 09/20/2024 05:30:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/05/2024 09:40:34 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/04/2024 10:12:00 PM
- Eastern Bank Announces Senior Leadership Appointments • Business Wire • 09/04/2024 05:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 06:02:19 PM
- Eastern Bank Is Recognized By Disability:IN® as a 2024 Best Place to Work for Disability Inclusion • Business Wire • 07/31/2024 04:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 08:17:53 PM
- Eastern Bankshares, Inc. Reports Second Quarter 2024 Financial Results • Business Wire • 07/25/2024 08:15:00 PM
- Form 425 - Prospectuses and communications, business combinations • Edgar (US Regulatory) • 07/15/2024 12:25:57 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/15/2024 12:24:01 PM
- Eastern Bankshares, Inc. Announces Successful Merger With Cambridge Bancorp, And Names David Rosato New Chief Financial Officer • Business Wire • 07/15/2024 12:00:00 PM
- Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments • Edgar (US Regulatory) • 07/11/2024 09:23:24 PM
- Eastern Bankshares, Inc. Announces Second Quarter 2024 Earnings Release Date, Conference Call and Webcast • Business Wire • 07/03/2024 02:59:00 PM
- Eastern Bankshares, Inc. Announces Newly Appointed Members To Its Board of Directors • Business Wire • 07/01/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 12:30:33 PM
- Eastern Bankshares, Inc. And Cambridge Bancorp Announce Regulatory Approvals Received To Merge • PR Newswire (US) • 05/28/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:14:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:12:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:05:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 08:05:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:05:45 PM
- Eastern Bank Provides Financing for Capstan Atlantic’s Conversion to an Employee-Owned Company • Business Wire • 05/14/2024 03:33:00 PM
- 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
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