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Eastern Bankshares Reports Completion Of Mutual-to-Stock Conversion Of Co., Common Stock Offering

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the holding company for Eastern Bank, announced that today it has completed the mutual-to-stock

· 10/14/2020 12:01

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the holding company for Eastern Bank, announced that today it has completed the mutual-to-stock conversion of Eastern Bank Corporation and the offering of common stock of the Company. The results of the stock offering were previously reported in a press release dated October 9, 2020.

The Company sold 179,287,828 shares of common stock at $10.00 per share in the offering for gross offering proceeds of approximately $1,792,878,000, including the sale of 14,940,652 shares of common stock to the Eastern Bank employee stock ownership plan. (Following the completion of the offering, the Company donated 7,470,326 shares of common stock to the Eastern Bank Charitable Foundation.)

The Company’s stock is expected to trade on the Nasdaq Global Select Market under the trading symbol “EBC” beginning on October 15, 2020.

Persons wishing to confirm their orders may do so online at https://allocations.kbw.com. You may also contact the Stock Information Center at 1-800-945-8598. The Stock Information Center will be open from 10:00 a.m. to 4:00 p.m., Eastern Time, Monday through Friday, through Thursday, October 22, 2020.

All shares of common stock sold in the offering will be issued in book entry form. Stock certificates will not be issued. On October 15, 2020, Direct Registration System statements for shares purchased in the stock offering, and interest checks for persons who paid for their orders by check, are expected to be mailed by the Company’s transfer agent, Continental Stock Transfer & Trust Company, to the persons entitled thereto at the registration address noted by them on their stock order form.

Keefe, Bruyette & Woods, Inc., a Stifel Company, acted as selling agent in the offering. J.P. Morgan Securities LLC served as Eastern’s capital markets advisor. Nutter, McClennen & Fish, LLP served as Eastern’s legal counsel in the conversion and offering, and Simpson Thacher & Bartlett LLP advised Keefe, Bruyette & Woods, Inc. and J.P. Morgan Securities LLC.