Eastern Bankshares, Inc. (NasdaqGS:EBC) will look for acquisitions. Robert Rivers Chairman and Chief Executive Officer said, “We remain very optimistic and excited about Eastern's future. Armed with $1.7 billion from our capital raise, we believe that we are positioned better than ever before to undertake bank acquisition opportunities in our region, supplementing our solid organic growth. We expect that this will allow us to scale the size of our company at a more rapid rate than in the past, providing the bandwidth and resources to better serve our customers and better compete against the larger banks in our region, while increasing our position in the greater Boston market over time”. He also said, “We're also looking at insurance agency acquisitions. We just did 2 this past year. As we reported. And as you've seen, that's a regular pattern for us, has been for many years. That will continue. We have a nice pipeline of potential deals in that space. They're not a significant capital spend. As you know, it's a pretty sizable agency, what we have already. But again that will be supplementary to it”.
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank (The Bank). Through the Bank, it provides a variety of banking and trust and investment services. Its diversified products and services include lending, deposit, and wealth management. It offers a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. Its banking business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including its wealth management and trust operations that it conducts through its Eastern Wealth Management division. It offers automated lock box collection services, cash management services and account reconciliation services to its corporate and institutional customers, as well as cash management services to its municipal clients. Its securities portfolio consists of government-sponsored residential mortgage-backed securities.