Eastern Bank and Cambridge Trust Merge

Last Updated: December 12, 2023

Welcome! Below is some helpful information about our announcement of the Eastern Bank & Cambridge Trust merger.

For information about the sale of Eastern Insurance Group to Arthur J. Gallagher, click here.

Eastern Bankshares, Inc. and Cambridge Bancorp, the parent company of Cambridge Trust Company, have entered into a definitive agreement to merge. Both Eastern Bank and Cambridge Trust share deep local roots and a strong commitment to our customers and the communities we serve. The anticipated merger will create a $27 billion combined franchise further positioning Eastern as the region’s local financial partner of choice, delivering enhanced value for our customers and shareholders, greater support for our communities, and increased opportunities for our colleagues.

What to expect
When will the merger close? The merger is expected to close during the first quarter of 2024, subject to required regulatory approvals, shareholder approval and other conditions.

 

How will the organizations operate?

Both organizations will continue to operate separately until the merger is complete and until then you should continue to bank as you do today.

Once the merger is complete, the combined Wealth Management and Private Banking divisions of both banks will operate under the Cambridge Trust brand name while all other areas of the merged bank including Commercial, Business and Consumer Banking will operate under the Eastern Bank brand name.

 

What does this mean for Eastern Bank and Cambridge Trust customers?

For now, there are no changes in how you bank with us and there is no need to take any action. Your relationship with your banking team also remains the same and we remain committed to serving your needs with the highest quality service.

After the regulatory approval is completed, we will be communicating proactively with you on how to prepare for any transition, if applicable.

 

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