BOSTON–(BUSINESS WIRE)–Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the inventory holding firm for Eastern Bank, and Needham Bank (“Needham”) right this moment collectively introduced they’ve entered into an asset buy settlement for the switch to Needham of Eastern’s cannabis-related and cash service enterprise deposit relationships which had been acquired throughout its merger with Century Bank and Trust Company.

We have spent considerable time reviewing the cannabis banking operation and remain very impressed with how these businesses have been served,” stated Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern and Eastern Bank. “However, we have determined the business is not well-aligned with our approach to serving our business customers due to the special handling required with meeting the banking needs of cannabis-related businesses at this time. Needham Bank has solid capabilities to provide extensive service to this important business sector, and we applaud the strong commitment they are making to support the industry.”

The cannabis industry is rapidly growing, and this transaction presents an exciting opportunity and excellent entry into this evolving and dynamic segment,” stated Joseph Campanelli, President and Chief Executive Officer of Needham Bank. “Our entire Needham team looks forward to welcoming these customers and the team servicing them, and to ensuring their smooth transition to our organization.”

The transaction is anticipated to shut within the first half of 2022, topic to regulatory approval and different customary closing circumstances. Terms of the transaction, which aren’t materials to Eastern, weren’t disclosed. Over the approaching months, hashish banking clients will obtain common updates, together with the best way to put together for the transition pending regulatory approval. Customers with questions are invited to contact Cannabis Business Leader Paul Evangelista, who launched and led the hashish banking technique at Century Bank over the previous 9 years. Mr. Evangelista and his skilled group will proceed working with clients throughout the transition interval, and plan to affix and stay with Needham Bank upon the closing of the transaction.

Forward-Looking Statements

Statements on this press launch relating to the proposed switch of Eastern’s hashish and cash providers companies (the “Transferred Businesses”) to Needham (the “Transaction”), and the longer term outcomes, development, enterprise plans and prospects of such companies, in addition to every other statements that aren’t associated to current info or present circumstances or that aren’t purely historic, represent forward-looking statements. These forward-looking statements are primarily based on the historic efficiency of the Transferred Businesses, and the respective plans, estimates and expectations of Eastern and Needham as of the date of this launch. Forward-looking statements embrace statements relating to anticipated future occasions and will be recognized by the truth that they don’t relate strictly to historic or present info. They usually embrace phrases equivalent to “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs equivalent to “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are topic to dangers and uncertainties. Certain elements referring to the proposed Transaction that might trigger or contribute to precise outcomes differing materially from anticipated outcomes embrace, however will not be restricted to, that the Transaction might not be well timed accomplished, if in any respect; that previous to the completion of the Transaction or thereafter, the Transferred Businesses might not carry out as anticipated attributable to Transaction-related uncertainty or different elements; that Needham is unable to efficiently implement integration methods; that required regulatory or different approvals will not be obtained or different closing circumstances will not be glad in a well timed method or in any respect; that the timing of completion of the proposed Transaction depends on numerous elements that can’t be predicted with precision as of the date of this press launch; reputational dangers and the response of the businesses’ clients to the proposed Transaction; the shortcoming to implement onboarding plans and different penalties related to switch of the Transferred Businesses; that Mr. Evangelista and members of his group might select to not be a part of Needham or stay employed by Needham; and diversion of administration time on Transaction-related points.

About Eastern Bankshares, Inc. and Eastern Bank

Eastern Bankshares, Inc. is the inventory holding firm for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has greater than 110 areas serving communities in jap Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, 2021, Eastern Bank had roughly $17 billion in whole property. Eastern supplies banking, funding and insurance coverage merchandise and providers for customers and companies of all sizes, together with by way of its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pleasure in its outspoken advocacy and neighborhood assist that features $240 million in charitable giving since 1994. An inclusive firm, Eastern employs roughly 1,900 deeply dedicated professionals who worth relationships with their clients, colleagues, and communities as of September 30, 2021. For investor info, go to investor.easternbank.com.

About Needham Bank

Needham Bank provides an array of tech ahead monetary merchandise and providers together with industrial loans and money administration providers, shopper deposit and mortgage accounts, cellular and on-line banking and residential mortgage loans. Needham Bank has the monetary experience sometimes discovered at a lot bigger establishments, and the native data, dedication and relationship focus to assist companies and people construct for his or her futures. Known because the “Builder’s Bank”, Needham Bank has been serving to people, companies and non-profits construct for his or her futures since 1892. For extra info please go to https://NeedhamBank.com. Needham Bank is a member of the FDIC and DIF.

Contacts

Eastern Bankshares, Inc. and Eastern Bank

Media contact:
Andrea Goodman

Eastern Bank

a.goodman@easternbank.com
781-598-7847

Investor contact:
Jill Belliveau

Eastern Bankshares, Inc.

InvestorRelations@easternbank.com
781-598-7920

Needham Bank:

Media contact:

Karen Marryat

Needham Bank

kmarryat@NeedhamBank.com
781-474-5460

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