---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-237717"
form_type: "8-K"
ticker: "EBC"
cik: "0001810546"
company_name: "Eastern Bankshares, Inc."
filed_at: "2023-09-19T23:59:59+00:00"
generated_at: "2026-06-10T13:42:38.337288+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-237717
- form_type: 8-K
- ticker: EBC
- cik: 0001810546
- company_name: Eastern Bankshares, Inc.
- filed_at: 2023-09-19T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/0001193125-23-237717-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/d550407d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-237717
- JSON: https://secwatch.observer/filing/0001193125-23-237717.json
- Plain text: https://secwatch.observer/filing/0001193125-23-237717.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/0001193125-23-237717-index.htm
- Executive change
  Robert F. Rivers was appointed as Executive Chair at Eastern Bankshares, Inc..
  - Action: appointed
  - Role: Executive Chair
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/0001193125-23-237717-index.htm
- Executive change
  Denis Sheahan was appointed as Chief Executive Officer at Eastern Bankshares, Inc..
  - Action: appointed
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312523237717/0001193125-23-237717-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.