On September 19, 2023, Eastern Bankshares, Inc. (the Company), Eastern Bank, Citadel MS 2023, Inc., a direct, wholly owned subsidiary of the Company (?Merger Sub?), Cambridge Bancorp (?Cambridge?) and Cambridge Trust Company, a Massachusetts-chartered trust company and wholly owned subsidiary of Cambridge (?Cambridge Trust?), entered into an Agreement and Plan of Merger (the ?Merger Agreement?). The Company announced upon closing, Denis Sheahan, Chairman, President and CEO of Cambridge, will join Eastern?s Board of Directors. Eastern?s President Quincy Miller will be promoted to Vice Chair, President, and Chief Operating Officer.

Both Mr. Sheahan and Mr. Miller will report directly to Bob Rivers, who will serve as Executive Chair and Chair of the Board of Directors. In addition to Mr. Sheahan, three Cambridge directors are expected to be elected to Eastern?s Board of Directors in connection with the closing. Mr. Rivers will remain the Company?s principal executive officer and Chair of the Board of Directors of the Company and Eastern Bank upon the completion of the Merger.

Mr. Sheahan, age 58, has served as Chairman, President and Chief Executive Officer of Cambridge Trust and Cambridge since April 2015. Prior to joining Cambridge, Mr. Sheahan spent 19 years at Independent Bank Corp. and Rockland Trust where he served as Chief Financial Officer and Chief Operating Officer.

Prior to joining Rockland Trust Company, Mr. Sheahan served as Vice President of Finance for BayBanks, Inc. Mr. Sheahan currently serves as Board Trustee for the Cambridge Community Foundation, where he Chairs the Finance Committee, and is Secretary/Treasurer of the Board of the Massachusetts Housing Partnership. He serves as an Advisory Board member of the Rian Immigrant Center and is a Board member and Treasurer for the Cambridge Family YMCA. He also serves as a member of the Federal Reserve Bank of Boston?s Community Depository Institutions Advisory Council and is a member of the Board of Directors of the Massachusetts Bankers Association.

The Company?s Board of Directors has determined that Mr. Sheahan is qualified to serve as a director of the Company effective as of the closing of the Merger based upon his prior service as a director of Cambridge and his extensive experience in many areas of banking and financial services. Mr. Sheahan has experience in positions of executive leadership at publicly traded companies and knowledge of the communities that the Company will serve upon completion of the Merger. In addition to his roles as Chief Executive Officer and Chair of the Board of Directors of the Company, Mr. Rivers, age 59, has also served as the Chief Executive Officer and Chair of the Board of Directors of Eastern Bank since January 2017.

Mr. Rivers joined Eastern Bank in 2006 as its Vice Chair and Chief Banking Officer, becoming President in 2007, Chief Operating Officer in 2012 and an Eastern Bank director in 2015. He also served as a trustee of Eastern Bank?s predecessor holding company, Eastern Bank Corporation, starting in 2007. Prior to joining Eastern, from 1991 to 2005, Mr. Rivers held a number of leadership positions at M&T Bank in Buffalo, NY.

Immediately prior to joining Eastern, he was an Executive Vice President for Retail Banking at the former Commercial Federal Bank in Omaha, Nebraska, following 14 years at M&T Bank. Mr. Miller, age 48, is currently Vice Chair and President of Eastern Bank, as well as President of the Company. He joined Eastern Bank in 2016 as Chief Banking Officer and was promoted to his current position with Eastern Bank in 2017.

He oversees Marketing and all of Eastern Bank?s Consumer, Commercial, and Wealth Divisions, and, with the Chief Executive Officer, leads the overall strategic direction of the Company. Prior to joining the Company, Mr. Miller served as the President of Citizens Bank, Massachusetts, and President of its Business Banking division. He started his career in consumer banking at M&T Bank in New York City in 1997.