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Boston & New England  + Boston  + Finance  |  May 28, 2024
The CBRE Lending Momentum Index declined in the fourth quarter of 2022 due to heightened market volatility amid higher interest rates
Emily Fu
By: Emily Fu

Eastern Bankshares, Cambridge Bancorp Receive Approvals to Merge 

Eastern Bankshares, Inc. and Cambridge Bancorp have received regulatory approvals for their merger, which is set to close around July 12, 2024.  

“This merger will create a $26 billion organization that is positioned as Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts,” said Bob Rivers, Chief Executive Officer and Chair of the Boards of Eastern and Eastern Bank.  “We look forward to welcoming our newest colleagues to Eastern and continuing to serve the needs of our customers with a comprehensive suite of banking and wealth management services.” 

“This is an exciting time as our two banks come together to offer outstanding capabilities and enhanced opportunities for products and services to our valued customers,” said Denis Sheahan, chairman, president and CEO of Cambridge Trust. Shareholders of both banks approved the merger on February 28, 2024. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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