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  • Division of Banks

News  Board of Bank Incorporation Hearing: Eastern Bankshares, Inc., Boston, to acquire Cambridge Bancorp, Cambridge

Tuesday, January 9, 2024, 10:00 a.m. - 11:00 am
  • Division of Banks
  • Office of Consumer Affairs and Business Regulation

EASTERN BANKSHARES, INC., Boston, Massachusetts has petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws, chapter 167A, sections 2 and 4 for approval to acquire CAMBRIDGE BANCORP, Cambridge, Massachusetts in a multi-step transaction.  CAMBRIDGE BANCORP is the holding company for CAMBRIDGE TRUST COMPANY, Cambridge Massachusetts.  EASTERN BANKSHARES, INC. is the holding company for EASTERN BANK, Boston, Massachusetts. 

An application has also been filed with the Division of Banks (Division) for approval of the subsequent merger of CAMBRIDGE TRUST COMPANY with and into EASTERN BANK.  The main office of EASTERN BANK would remain the main office of the continuing institution.  As part of this merger transaction, EASTERN BANK has petitioned to close its branch offices located at: (1) 63 Franklin Street, Boston; (2) 265 Franklin Street, Boston; (3) 287 3rd Street, Cambridge; (4) 1 Brattle Square, Cambridge; (5) 1833 Massachusetts Avenue, Lexington; (6) 258 Washington Street, Wellesley; (7) 538 Central Avenue, Dover, New Hampshire; and (8) 163 Deer Street, Portsmouth, New Hampshire.  In connection with this merger transaction, CAMBRIDGE TRUST COMPANY has petitioned to close its branch offices located at: (1) 69 Park Street, Andover; (2) 776 Beacon Street, #1, Newton Center; and (3) 99 South River Road, Bedford, New Hampshire.

In determining whether or not to approve these petitions the Board and the Division must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by these proposals.  A virtual public hearing will be given to all interested parties on the petition before the Board on Tuesday, January 9, 2024 at 10:00 a.m.  The link for the virtual hearing is below.

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While it is not necessary to pre-register to provide oral testimony, anyone who emails their intention to provide oral testimony at the hearing in advance will receive preference in the order of testimony provided.  Such optional notice must include the person’s name, telephone number, and email address. Please send via email to dob.comments@mass.gov by Monday, January 8, 2024 by 5:00 p.m.  In addition, written testimony can also be provided in advance via email to dob.comments@mass.gov.  If there are any questions, please contact the Division’s Legal Unit at 617-956-1520.

All comments concerning these petitions must be filed with the Board or the Division at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 or via electronic mail to dob.comments@mass.gov by the close of business on Wednesday, January 17, 2024.  The application and all communications relative to this matter are available by request at dob.rao@mass.gov

  • Division of Banks 

    The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.
  • Office of Consumer Affairs and Business Regulation 

    The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.
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