Skip to Main Content
  • About
    • Staff
    • Board of Directors
    • Member Directory
  • Membership
    • Membership Benefits
    • Membership FAQ
    • Join NEC
  • Issues
    • Diversity & Inclusion
    • Energy & Environment
    • Financial Services
    • Healthcare
    • Higher Education
    • Housing
    • Technology & Innovation
    • Trade
    • Transportation & Infrastructure
    • Partnerships for Talent Pipeline Directory
  • Programs
    • Rising Stars Network
    • New England Council Fellows Program
    • Inside the Corner Office
    • Celebrating 100 Years
  • News
  • Events
    • Upcoming Events
    • Past Events
    • 2025 Centennial Celebration
    • Washington Leaders’ Conference
    • Politics & Eggs
    • Sponsorship Opportunities
  • Contact
  • About
    • Staff
    • Board of Directors
    • Member Directory
  • Membership
    • Membership Benefits
    • Membership FAQ
    • Join NEC
  • Issues
    • Diversity & Inclusion
    • Energy & Environment
    • Financial Services
    • Healthcare
    • Higher Education
    • Housing
    • Technology & Innovation
    • Trade
    • Transportation & Infrastructure
    • Partnerships for Talent Pipeline Directory
  • Programs
    • Rising Stars Network
    • New England Council Fellows Program
    • Inside the Corner Office
    • Celebrating 100 Years
  • News
  • Events
    • Upcoming Events
    • Past Events
    • 2025 Centennial Celebration
    • Washington Leaders’ Conference
    • Politics & Eggs
    • Sponsorship Opportunities
  • Contact

News

Apr 26, 2021Blog | Member News

Eastern Bank Acquires Century Bank for $642 Million

Scrolling through news feed on mobile.

In its largest deal yet and first purchase since becoming a public company less than six months ago, NEC member Eastern Bank is expected to acquire Century Bank for $642 million by the fourth quarter of 2021. The acquisition would merge two of Boston’s largest community banks, creating a $22 billion combined franchise and cementing Eastern’s leading position as the third-largest traditional retail bank in New England, and biggest local bank in Massachusetts.

Under the terms of the agreement, Century shareholders would receive a 26% premium with $115.28 in cash for every owned share of Century Bancorp’s stock. Century customers would be converted to the Eastern platform with its branches assuming Eastern’s name. Eastern Bank will fund the purchase price with cash from its balance sheet, powered by $1.7 billion from its initial public offering in 2020.

“We are excited for the opportunities this agreement creates and believe our combination will deepen our reach in providing banking services and other support to communities across Greater Boston and southern New Hampshire,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank.

The New England Council congratulates Eastern Bank on this acquisition and looks forward to the bank’s continued growth in New England. Read more from Eastern’s press release and the Boston Globe.

Council Related News
Read Article Blog | Member News, Higher Education

University of New England joins global entrepreneurship network

Read Article Blog | Member News, Higher Education

Framingham State University museum receives largest donation in 50-year history

Read Article Blog | Member News, Healthcare

Point32Health hires new CEO

Read Article Blog | Member News, Healthcare

Dana-Farber plans to hire 700 new nurses

Read Article Blog | Member News, Transportation & Infrastructure

Massachusetts Port Authority is pushing to make MA a hub for sustainable aviation fuels

View Related News

©2025 New England Council
All rights reserved.

Privacy Policy Website Design by Jackrabbit

Boston Office

98 North Washington Street
Suite 303
Boston, MA 02114

(617) 723-4009

necouncil@newenglandcouncil.com

Washington Office

1411 K Street, NW
Suite 700
Washington, D.C. 20005

(202) 547-0048

necouncil@newenglandcouncil.com

Website Design by Jackrabbit