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On July 15, Eastern Bankshares, Inc., the stock holding company for Eastern Bank, announced its merger with Cambridge Bancorp, the parent company of Cambridge Trust.
Founded in 1818, Boston-based Eastern Bank is Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts. It has approximately 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes.
Over the weekend, the conversion of Cambridge Trust banking products and services to Eastern Bank’s systems occurred. However, customers have not heard the news yet. Eastern Wealth Management customers are expected to hear from Cambridge Trust Wealth Management’s systems later this year.
Shortly before midnight on July 12, Eastern Bank stated that each share of Cambridge common stock was exchanged for 4.956 shares of Eastern common stock. Eastern has issued approximately 39.2 million shares of its common stock as part of the merger consideration. The combined assets are more than $25 billion.
Denis Sheahan, Chief Executive Officer, Eastern Bank PHOTO: Eastern Bank
“We are excited to have successfully completed Eastern’s merger with Cambridge Trust, and in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts,” said Bob Rivers who is the executive chair and chair of the board of directors of Eastern Bankshares, Inc. and Eastern Bank. “Our focus remains on creating value through high-quality banking and wealth products and solutions. We thank the extraordinary employees from both companies for helping to make this transaction possible, and extend a warm welcome to our new colleagues, customers and shareholders.”
Upon closing of the merger, Eastern Bankshares, Inc. and Eastern Bank experienced several position shifts. Denis Sheahan, who was chairman, president and CEO of Cambridge Trust, became chief executive officer of Eastern and Eastern Bank, and joined Eastern’s board of directors. In addition to his roles as president of Eastern and vice chair and president of Eastern Bank, Quincy Miller has been promoted to chief operating officer. Bob Rivers remains Eastern’s principal executive officer.
Quincy Miller, chief operating officer, Eastern Bank PHOTO: Eastern Bank
Another new addition to the company is David Rosato, who has been named chief financial officer of Eastern Bankshares, Inc. and Eastern Bank. He will succeed Eastern Bank’s previous CFO, James Fitzgerald, who will continue working in a senior advisory role. Rosato is an accomplished banking executive who most recently served as senior executive vice president and chief financial officer of Berkshire Hills Bancorp and Berkshire Bank.
“David Rosato is a highly experienced chief financial officer in the banking sector with extensive experience driving profitable growth in commercial and retail banking, wealth management and specialty finance, and we are thrilled to welcome him to Eastern Bank,” said Eastern CEO Denis Sheahan.
Rosato brings over 35 years of experience within community and regional banks with him. Prior to his CFO role at Berkshire Bank, he spent over 15 years at People’s United Financial, Inc., including nine years as senior executive vice president and chief financial officer. During his tenure, he accomplished much. People’s United grew total assets from $14 billion to $65 billion, and Rosato has extensive mergers and acquisitions experience, including the multi-billion-dollar sale of People’s United to M&T Bank.
Previously, he served as senior vice president & treasurer at Webster Financial Corporation. He also served as a senior vice president, asset/liability manager at M&T Bank Corporation. Rosato sits on the NASDAQ Exchange Board where he is a member of the Regulatory Oversight Committee. He is also a former board member of the Federal Home Loan Bank of Boston. He earned both a bachelor of science degree in business and economics and an MBA degree from the University of Maryland.
“I’m honored to join Eastern Bank as its next chief financial officer, and to receive the baton from Jim Fitzgerald,” said Rosato. “I’m especially excited to join at this time, as Eastern and Cambridge combine to expand their banking and wealth management capabilities as Greater Boston’s leading local bank.” He is expected to join Eastern Bank on Aug. 1.
