Eastern Bankshares merges with Cambridge Bancorp, David Rosato named CFO

Eastern Bankshares (EBC) announced the closing of its merger with Cambridge Bancorp (CATC) , the parent company of Cambridge Trust Company. The all-stock transaction was originally announced on September 19. “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, 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.” The conversion of Cambridge Trust banking products and services to Eastern Bank’s systems occurred over the weekend of July 12… The conversion of Eastern Wealth Management customers to Cambridge Trust Wealth Management’s systems is expected to occur later this year…As previously announced and upon closing of the Merger, Denis Sheahan, Chairman, President and CEO of Cambridge, has become Chief Executive Officer of Eastern and Eastern Bank, and has joined Eastern’s Boards of Directors. Quincy Miller, in addition to his previous roles as President of Eastern and Vice Chair and President of Eastern Bank, has been promoted to Chief Operating Officer. Both Mr. Sheahan and Mr. Miller will report directly to Bob Rivers, who will remain Eastern’s principal executive officer.