Eastern Bankshares to acquire Cambridge Bancorp in all-stock merger; sells insurance unit to Gallagher for $510M

Eastern Bankshares, Inc.

Cambridge shareholders to receive 4.956 EBC shares per share; transaction expected Q1 2024.
Eastern sells insurance brokerage to Arthur J. Gallagher for ~$510M cash; expected Q4 2023.
Denis Sheahan to become Eastern CEO upon merger close; Robert Rivers becomes Executive Chair; Quincy Miller becomes Vice Chair, President, COO.
Termination fee of $21M payable by either party under certain circumstances.
Closing conditions include regulatory approvals and completion of both transactions.

item 1.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Quincy Miller

Vice Chair, President, and Chief Operating Officer

EBC · Eastern Bankshares, Inc.

Filed: September 19, 2023, 7:59 PM ET

Upon and subject to the completion of the Merger, Quincy Miller, the current President of the Company and Eastern Bank, will be promoted to Vice Chair, President, and Chief Operating Officer of the Company and Eastern Bank.

Role change

Robert F. Rivers

Executive Chair

EBC · Eastern Bankshares, Inc.

Filed: September 19, 2023, 7:59 PM ET

Upon and subject to the closing of the Merger (as defined in Item 1.01 of this Form 8-K), Robert F. Rivers, the Company’s Chief Executive Officer and Chair of the Board of Directors, will become the Executive Chair of the Company and Eastern Bank.

Appointed

Denis Sheahan

Chief Executive Officer

EBC · Eastern Bankshares, Inc.

Filed: September 19, 2023, 7:59 PM ET

Upon and subject to the completion of the Merger, Mr. Sheahan, Chairman, President and Chief Executive Officer of Cambridge, will become the Chief Executive Officer of the Company and will join the Company’s Board of Directors.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Quincy Miller changed role as Vice Chair, President, and Chief Operating Officer at Eastern Bankshares, Inc..

Action: promoted
Role: Vice Chair, President, and Chief Operating Officer

Exact text from the filing

Upon and subject to the completion of the Merger, Quincy Miller, the current President of the Company and Eastern Bank, will be promoted to Vice Chair, President, and Chief Operating Officer of the Company and Eastern Bank.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert F. Rivers was appointed as Executive Chair at Eastern Bankshares, Inc..

Action: appointed
Role: Executive Chair

Exact text from the filing

Upon and subject to the closing of the Merger (as defined in Item 1.01 of this Form 8-K), Robert F. Rivers, the Company’s Chief Executive Officer and Chair of the Board of Directors, will become the Executive Chair of the Company and Eastern Bank.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Denis Sheahan was appointed as Chief Executive Officer at Eastern Bankshares, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Upon and subject to the completion of the Merger, Mr. Sheahan, Chairman, President and Chief Executive Officer of Cambridge, will become the Chief Executive Officer of the Company and will join the Company’s Board of Directors.

View on SEC.gov

Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-237717

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