Eastern Bankshares, Inc., the stock holding company for Eastern Bank, announced the closing of its merger with Cambridge Bancorp, the parent company of Cambridge Trust Company. The all-stock transaction was originally announced on Sept. 19, 2023.

“We are excited to have successfully completed Eastern’s merger with Cambridge Trust and in doing so, to strategically solidify Eastern’s position as Greater Boston’s leading local bank and Cambridge Trust Wealth Management as the largest bank-owned independent investment advisor in Massachusetts,” said Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank. “Our focus remains on creating value through high quality banking and wealth products and solutions. We thank the extraordinary employees from both companies for helping to make this transaction possible, and extend a warm welcome to our new colleagues, customers and shareholders.”

The conversion of Cambridge Trust banking products and services to Eastern Bank’s systems occurred over the weekend of July 12, 2024. The conversion of Eastern Wealth Management customers to Cambridge Trust Wealth Management’s systems is expected to occur later this year.

Shortly before midnight on July 12, 2024, each share of Cambridge common stock was exchanged for 4.956 shares of Eastern common stock. Eastern has issued approximately 39.2 million shares of its common stock as part of the Merger consideration.

As previously announced and upon closing of the Merger, Denis Sheahan, Chairman, President and CEO of Cambridge, has become Chief Executive Officer of Eastern and Eastern Bank, and has joined Eastern’s Boards of Directors. Quincy Miller, in addition to his previous roles as President of Eastern and Vice Chair and President of Eastern Bank, has been promoted to Chief Operating Officer. Both Sheahan and Miller will report directly to Bob Rivers, who will remain Eastern’s principal executive officer.

J.P. Morgan Securities LLC served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern. BofA Securities, Inc. served as financial advisor and Hogan Lovells US LLP provided legal counsel to Cambridge.

David Rosato Named New Chief Financial Officer
Also, Eastern announced David Rosato, an accomplished banking executive who most recently served as Senior Executive Vice President and Chief Financial Officer of Berkshire Hills Bancorp and Berkshire Bank, has been named Chief Financial Officer of Eastern Bankshares, Inc. and Eastern Bank, succeeding James Fitzgerald who will continue in a senior advisory role.

“David Rosato is a highly experienced Chief Financial Officer in the banking sector with extensive experience driving profitable growth in commercial and retail banking, wealth management and specialty finance, and we are thrilled to welcome him to Eastern Bank,” said Eastern CEO Denis Sheahan.

Rosato brings over 35 years of experience within community and regional banks. Prior to his CFO role at Berkshire Bank, he spent over 15 years at People’s United Financial, Inc., including nine years as Senior Executive Vice President and Chief Financial Officer. During his tenure, People’s United grew total assets from $14 billion to $65 billion. He has extensive M&A experience, including the multi-billion-dollar sale of People’s United to M&T Bank. Previously, he served as Senior Vice President & Treasurer at Webster Financial Corporation, and as a Senior Vice President, Asset/Liability Manager at M&T Bank Corporation. Rosato sits on the NASDAQ Exchange Board where he is a member of the Regulatory Oversight Committee, and he is a former board member of the Federal Home Loan Bank of Boston. He earned both a Bachelor of Science degree in Business and Economics and an MBA degree from the University of Maryland. He is a Chartered Financial Analyst.

“I’m honored to join Eastern Bank as its next Chief Financial Officer, and to receive the baton from Jim Fitzgerald,” said Rosato. “I’m especially excited to join at this time, as Eastern and Cambridge combine to expand their banking and wealth management capabilities as Greater Boston’s leading local bank.”

Rosato will join Eastern Bank on August 1, 2024, and report to Sheahan.