---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-178841"
form_type: "8-K"
ticker: "EBC"
cik: "0001810546"
company_name: "Eastern Bankshares, Inc."
filed_at: "2024-07-15T23:59:59+00:00"
generated_at: "2026-05-31T20:46:16.827326+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-178841
- form_type: 8-K
- ticker: EBC
- cik: 0001810546
- company_name: Eastern Bankshares, Inc.
- filed_at: 2024-07-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/0001193125-24-178841-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/d863528d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-178841
- JSON: https://secwatch.observer/filing/0001193125-24-178841.json
- Plain text: https://secwatch.observer/filing/0001193125-24-178841.txt

## Key facts
- Executive change
  R. David Rosato was appointed as Chief Financial Officer at Eastern Bankshares, Inc..
  - Action: appointed
  - Role: Chief Financial Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/0001193125-24-178841-index.htm
- Executive change
  James B. Fitzgerald changed role as Chief Financial Officer at Eastern Bankshares, Inc..
  - Action: transitioned
  - Role: Chief Financial Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/0001193125-24-178841-index.htm

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