Hogan Lovells advises Cambridge Bancorp in US$528 million tie up with Eastern Bank

Press releases | 22 September 2023

Washington, D.C., 22 September 2023 – A team from global law firm Hogan Lovells has advised Cambridge Bancorp (NASDAQ: CATC) in a merger agreement with Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, the largest community bank in Massachusetts and New Hampshire by deposits. The all-stock transaction is valued at approximately US$528 million.

Upon completion of the merger, the combined company is expected to have approximately US$27.1 billion in total assets, US$18.0 billion of total loans, US$22.6 billion of deposits and US$7.6 billion of assets under management and administration. The merger is expected to be completed during the first quarter of 2024, subject to certain conditions, including the receipt of required regulatory approvals; and approval by Cambridge and Eastern shareholders.

The Hogan Lovells team was led by Washington, D. C. Corporate & Finance partner Richard Schaberg, with support from Corporate & Finance partner Les Reese, Benefits partner Meg McIntyre, and Corporate & finance senior associate Brendan Oldham (all Washington, D.C.).

More details on the transaction can be found here.