Eastern Bankshares and Century Bancorp Receive Regulatory Approvals for Merger

Eastern Bankshares, the stock holding company for Eastern Bank, and Century Bancorp, the stock holding company for Century Bank and Trust Company, received the necessary regulatory approvals from the Commonwealth of Massachusetts Division of Banks, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System to complete their proposed merger. The merger is expected to close in mid-Q4/21.

“We are excited to receive the required regulatory approvals for our merger with Century Bank and to continue with the next steps in completing the integration of our businesses,” Bob Rivers, CEO and chair of the board of Eastern Bankshares and Eastern Bank, said. “We are deeply grateful to the teams at both banks for their outstanding customer service, collaboration and support of the communities where we operate, all while managing the impact of the pandemic. We look forward to welcoming our newest colleagues to Eastern and to offering a broader network of banking services to help meet our customers’ financial goals.”

“We look forward to the two banks coming together and the opportunity this will create for customers, including through increased banking locations, greater digital banking options, far-reaching community philanthropy and more,” Barry R. Sloane, chairman, president and CEO of Century Bancorp and Century Bank and Trust Company, said. “Many of the familiar faces that customers have come to know will continue in their roles, and we are committed to making the transition to Eastern Bank as seamless as possible.”

On April 7, Eastern and Century entered into a definitive agreement to merge. On July 7, Century’s shareholders approved the agreement and plan of merger.

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