Eastern Bankshares closes Cambridge Bancorp merger; names R. David Rosato CFO

Eastern Bankshares, Inc.

Merger effective July 12, 2024; each Cambridge share exchanged for 4.956 EBC shares (aggregate ~39.2M shares issued).
Denis Sheahan (former Cambridge CEO) becomes CEO of Eastern; assumed 45,783 RSUs and 75,940 converted PRSUs.
R. David Rosato appointed CFO effective Aug 1, 2024; base salary $550k, MIP target 65%, equity target 100% of base.
One-time restricted stock award of $350k and cash award of $200k; change-in-control agreement provides 2x severance.
James B. Fitzgerald steps down as CFO, remains in advisory capacity to assist transition.

item 2.01 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.

Appointed

R. David Rosato

Chief Financial Officer

EBC · Eastern Bankshares, Inc.

Effective: 2024-08-01
Filed: July 15, 2024, 7:59 PM ET

On July 15, 2024, the Company announced the appointment of R. David Rosato as its Chief Financial Officer. Mr. Rosato is expected to commence his role with the Company effective August 1, 2024.

Departed

James B. Fitzgerald

Chief Financial Officer

EBC · Eastern Bankshares, Inc.

Effective: 2024-08-01
Successor: R. David Rosato
Filed: July 15, 2024, 7:59 PM ET

James B. Fitzgerald, the principal financial officer of the Company, notified the Company’s Chief Executive Officer and the Audit Committee of its Board of Directors on April 24, 2024, that he planned to transition from his roles as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company effective upon the appointment and commencement of employment of his successor.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

R. David Rosato was appointed as Chief Financial Officer at Eastern Bankshares, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

On July 15, 2024, the Company announced the appointment of R. David Rosato as its Chief Financial Officer. Mr. Rosato is expected to commence his role with the Company effective August 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James B. Fitzgerald changed role as Chief Financial Officer at Eastern Bankshares, Inc..

Action: transitioned
Role: Chief Financial Officer

Exact text from the filing

James B. Fitzgerald, the principal financial officer of the Company, notified the Company’s Chief Executive Officer and the Audit Committee of its Board of Directors on April 24, 2024, that he planned to transition from his roles as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company effective upon the appointment and commencement of employment of his successor.

View on SEC.gov

Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-178841

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.