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Eastern Bankshares (EBC) has issued an update.
The Company recently completed a significant transaction with Eastern Bank, where Cambridge Common Stock shares were converted into Company Common Stock shares at a specific exchange ratio, with cash paid for any fractional shares. Shareholders of Cambridge received approximately 39.2 million shares of Company Common Stock. Additionally, the company announced the appointment of R. David Rosato as the new Chief Financial Officer, following his extensive experience in the financial sector. Rosato’s compensation package includes a base salary, potential short-term and long-term incentives, an automobile allowance, and a one-time stock award, with provisions for severance in the event of a change in control. This strategic move and leadership change aim to drive the company’s financial growth and stability.
For detailed information about EBC stock, go to TipRanks’ Stock Analysis page.
