TSL Express Daily News

Company Also Announces Receipt of Regulatory Non-Objection of Previously Announced Share Repurchase Program

Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, today announced that it has completed its acquisition of Century Bancorp, Inc. (Nasdaq: CNBKA) (“Century”), the stock holding company for Century Bank and Trust Company (“Century Bank”), a full service commercial bank with a full range of business, personal and institutional services. The transaction is valued at approximately $642 million. Eastern and Century had announced the transaction on April 7, 2021.

The acquisition is effective today, November 12, 2021, after the close of business, and Century shareholders will receive $115.28 in cash for each share of Century’s common stock. Century shareholders with questions about payment in connection with the transaction may contact Computershare, the paying agent for the transaction, at 1-800-546-5141.

“We are excited to have completed – just over a year after Eastern’s initial public offering – the largest acquisition in our Bank’s history and in doing so, to strategically expand Eastern’s presence in Boston and Eastern Massachusetts,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern and Eastern Bank. “On behalf of everyone at Eastern, we are thrilled to welcome Century customers and employees, and to carry on the exceptional customer service and community support cultivated by the Century team. This is an exciting milestone made possible thanks to the extraordinary talent of our teams, and we look forward to operating as a combined, larger organization offering an excellent customer service experience and being there for our customers’ financial needs.”

Upon completion of the acquisition, Century Bank merged into Eastern Bank, a wholly-owned subsidiary of Eastern, with locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. The merger is expected to solidify Eastern’s leading position in Boston and Eastern Massachusetts. Century customers with questions about the merger and joining Eastern are invited to visit easternbank.com/CenturyBank or call 1-800-EASTERN (327-8376).

Share Repurchase Program

Eastern also announced that it received a notice of non-objection from the Board of Governors of the Federal Reserve System to Eastern’s previously announced share repurchase program. The program, which was approved by Eastern’s Board of Directors, authorizes the purchase of up to 9,337,900 shares, which represents 5% of Eastern’s outstanding shares of common stock, over a 12-month period. The repurchase program, which is limited to $225 million through November 30, 2022, may be modified or terminated by the Board of Directors at any time. Eastern does not expect to begin purchasing under the program before December 2021.

Under the authorization, share repurchases may occur in open market transactions or privately negotiated transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchases will be made at management’s discretion from time to time at prices management considers to be attractive and in the best interests of both Eastern and its shareholders, subject to the availability of shares, general market conditions, the trading price of the shares, alternative uses for capital, and Eastern’s financial performance. Repurchases under this authorization may be suspended, terminated or modified by Eastern at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate by management in its discretion. Eastern is not obligated to repurchase any particular number of shares under the program.