The Financial Industry team advised Century Bancorp, Inc. (Nasdaq: CNBKA) on its entry into a definitive all-cash merger agreement with Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC), with an aggregate transaction value of $642 million. The merger will create a $22 billion combined franchise.
Century Bancorp, Inc. is the stock holding company of Century Bank and Trust Company, a $6.4 billion full service commercial bank operating twenty-seven branches in the Greater Boston area, with a full range of business, personal, and institutional services.
Eastern Bankshares, Inc. is the stock holding company of Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island.
The acquisition is expected to close in the fourth quarter of 2021, subject to certain conditions.For more details, read the press release.