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• Deposit Accounts: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to securely hold and manage their funds.
• Commercial Lending: Provides a range of loan products to businesses, including commercial real estate loans, lines of credit, term loans, and SBA loans, to support their growth and operational needs.
• Consumer Lending: Offers loans to individuals such as residential mortgages, home equity loans, personal loans, and credit cards for various personal financial needs.
• Wealth Management Services: Delivers comprehensive financial planning, investment management, and trust and estate services to help individuals and families achieve their financial goals.
• Cash Management Services: Supplies businesses with tools and services like ACH processing, wire transfers, and merchant services to optimize their cash flow and payment operations.
• Insurance Services: Through its subsidiary, Eastern Insurance Group, it provides a broad spectrum of personal and business insurance products to protect assets and mitigate risks.

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Eastern Bankshares (EBC) is a bank holding company that provides a broad range of banking and financial services. Its customer base is diversified, serving both individuals and businesses rather than selling primarily to a few specific corporate customers. As such, the company primarily serves the following categories of customers:

• Individual Customers (Retail Banking): This category includes consumers who utilize personal banking services such as checking and savings accounts, money market accounts, certificates of deposit (CDs), residential mortgages, home equity loans, personal loans, and wealth management services including investment products, trusts, and financial planning.
• Small to Medium-sized Businesses (SMBs): This category comprises privately held businesses, sole proprietorships, partnerships, and small corporations. They access services including business checking and savings accounts, commercial real estate loans, business lines of credit, term loans, treasury management services (e.g., payroll, merchant services, fraud protection), and Small Business Administration (SBA) loans.
• Commercial & Industrial (C&I) Clients and Larger Businesses: This category encompasses larger privately held companies, institutions, non-profit organizations, and some public companies. These clients typically require more complex financial solutions, such as larger commercial loans, corporate lines of credit, syndicated lending, sophisticated cash management services, and financing for commercial real estate development and investment.

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• Visa Inc. (V)
• Mastercard Incorporated (MA)
• KPMG LLP

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Denis K. Sheahan, Chief Executive Officer

Denis K. Sheahan is the Chief Executive Officer of Eastern Bankshares, Inc. and Eastern Bank. He previously served as Chairman, President, and Chief Executive Officer of Cambridge Trust Company and Cambridge Bancorp from 2015 until its merger with Eastern in 2024. Prior to joining Cambridge Trust Company, Mr. Sheahan spent 19 years at Independent Bank Corp. and Rockland Trust, where he held roles as Chief Financial Officer and Chief Operating Officer. He also served as Vice President of Finance for BayBanks, Inc.

David Rosato, Chief Financial Officer and Treasurer

David Rosato is the Chief Financial Officer and Treasurer of Eastern Bankshares, Inc. and Chief Financial Officer of Eastern Bank, appointed in July 2024. He brings over 35 years of experience within community and regional banks. Most recently, he served as CFO of Berkshire Hills Bancorp and Berkshire Bank. Mr. Rosato also spent over 15 years at People's United Financial, Inc., including nine years as Senior Executive Vice President and CFO. During his tenure at People's United, total assets grew significantly, and he has extensive M&A experience, including the multi-billion dollar sale of People's United to M&T Bank. Earlier in his career, he was Senior Vice President & Treasurer at Webster Financial Corporation and Senior Vice President, Asset/Liability Manager at M&T Bank Corporation.

Robert F. Rivers, Executive Chair and Chair of the Board of Directors

Robert F. Rivers is the Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank. He previously served as CEO and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. Mr. Rivers joined Eastern Bank in 2006 as Vice Chair and Chief Banking Officer, becoming President in 2007, Chief Operating Officer in 2012, and Chief Executive Officer and Chair of the Board in 2017. A community banker for 40 years, he began his career as a teller. Before joining Eastern, Mr. Rivers was Executive Vice President for Retail Banking at the former Commercial Federal Bank in Omaha, Nebraska. From 1991 to 2005, he held various staff and leadership positions at M&T Bank in Buffalo, N.Y.

Quincy L. Miller, President and Chief Operating Officer

Quincy L. Miller is President and Chief Operating Officer of Eastern Bankshares, Inc. and Vice Chair, President and Chief Operating Officer of Eastern Bank. He joined Eastern in 2016. Mr. Miller oversees a number of administrative and operational departments and, along with the CEO, leads the overall strategic direction of Eastern. Prior to Eastern, he served as President of Citizens Bank, Massachusetts, and President of its Business Banking division. He began his banking career in consumer banking at M&T Bank in New York City in 1997.

Gregory P. Buscone, Executive Vice President, Chief Commercial Banking Officer

Gregory P. Buscone is Executive Vice President and Chief Commercial Banking Officer of Eastern Bank. He oversees Eastern's Commercial Real Estate, Community Development Lending, Middle Market Banking and Specialized Lending, and International Banking divisions. Mr. Buscone joined Eastern in 2017 as Senior Vice President and Regional Group Head in Commercial Banking, overseeing Eastern's Commercial & Industrial lending portfolio. He was promoted to Executive Vice President, Senior Commercial Banking Officer in 2019 and to Executive Vice President, Chief Commercial Banking Officer in 2023. Previously, he spent 17 years at Citizens Bank, where he was a Senior Vice President and Market Manager for Massachusetts Middle Market and Specialized Lending.

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The key risks to Eastern Bankshares (EBC) primarily revolve around its asset quality, profitability, and strategic direction amid shareholder activism.

1. Commercial Real Estate (CRE) Loan Performance and Asset Quality Risks: Eastern Bankshares faces mounting concerns over the performance of its commercial real estate loan portfolio, particularly within office loans. The company has increased its credit reserves, indicating a more cautious outlook on asset quality. Analysts emphasize that sustained elevated reserves and issues with non-performing office loans could cap near-term profitability.
2. High Valuation and Profitability Concerns: Eastern Bankshares is trading at a significantly high price-to-earnings (P/E) ratio compared to both the US Banks sector average and its peers, suggesting investors may be paying a premium that the business needs to justify. This high valuation is coupled with declining net profit margins and an inferior net interest margin, which reflect challenges in profitability and may require the company to compensate through increased loan originations. Furthermore, the company has experienced a downward trend in revenue over the last five years.
3. Shareholder Activism and Strategic Uncertainty: Eastern Bankshares is currently under pressure from an activist investor, HoldCo Asset Management, which has publicly urged the company's board to consider a sale rather than pursuing further acquisitions. This shareholder activism highlights concerns and introduces uncertainty regarding the company's future strategic direction, which could impact long-term planning and investor confidence.

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The clear emerging threat for Eastern Bankshares is the accelerating trend of **fintech disruption**, specifically the rise of **digital-first neobanks and specialized online lenders/payment platforms**. These entities leverage advanced technology to offer a superior digital customer experience, often with lower fees and faster service for core banking functions like deposits, mortgages, personal loans, small business lending, and payment processing. This challenges traditional regional banks like EBC, which historically rely on branch networks, personal relationships, and a comprehensive suite of services. The shift in consumer preference towards convenient, mobile-first banking solutions, coupled with the agility and cost advantages of these digital competitors, poses a significant risk to EBC's market share in retail and small business banking, as well as its net interest margin.

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Eastern Bankshares (EBC) offers a range of banking, wealth management, and insurance products and services primarily to customers in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island, and Connecticut.

• Commercial Banking: The addressable market for the Commercial Banking industry in Massachusetts is estimated to be $34.3 billion in 2025.
• Retail Banking: The U.S. retail banking market is valued at $0.87 trillion in 2025 and is forecasted to reach $1.08 trillion by 2030. Eastern Bank provides a full range of banking solutions for consumers.
• Wealth Management: Eastern Bank's Cambridge Trust Wealth Management division reported $9.2 billion in assets under management (AUM) as of September 30, 2025. This division is noted as the largest bank-owned independent investment advisor in Massachusetts.
• Insurance Products:
  • The Massachusetts property and casualty insurance market reached a total size of $37.3 billion in 2025.
  • The market size of the Life Insurance industry in Massachusetts is $75.6 billion in 2025.
  • The market size of the Insurance Brokers & Agencies industry in Massachusetts is $5.9 billion in 2025.

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Eastern Bankshares (EBC) is expected to drive future revenue growth over the next two to three years through several key initiatives and market dynamics:

• Strategic Mergers and Acquisitions: The integration of Cambridge Trust has significantly expanded Eastern Bankshares' asset base and boosted wealth revenues. Additionally, the pending merger with HarborOne Bancorp is anticipated to further enhance the bank's presence in Greater Boston, expand its reach into Rhode Island, and create a larger financial institution, thereby contributing to future revenue growth.

• Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: Eastern Bankshares has experienced an expanding net interest margin, with further improvements expected. The company projects net interest income for the full year 2025 to be in the range of $815 million to $840 million. A strategic investment portfolio repositioning undertaken in early 2025 is expected to add approximately 18 basis points to the margin and contribute to operating earnings per share. Expected declines in short-term interest rates are also projected to benefit both the net interest margin and overall net interest income.

• Robust Loan Growth, particularly in Commercial Lending: The company has demonstrated strong loan growth, both organically and through acquisitions like Cambridge Trust. Eastern Bankshares has a strategic focus on commercial lending, and its outlook for full-year loan growth in 2025 was raised to 3-5%.

• Expansion of Wealth Management Services: Wealth revenues have seen substantial growth, more than doubling due to the increased Assets Under Management (AUM) from the Cambridge merger and favorable market performance. Eastern Bankshares continues to prioritize and invest in its wealth management business by actively hiring talent to support further AUM growth and increase operating fee income.

• Deposit Growth and Favorable Mix Shift: Eastern Bankshares anticipates continued deposit growth of 1% to 2% in 2025. A key driver within this is an expected favorable shift in the deposit mix, moving from higher-cost certificates of deposit (CDs) towards lower-cost money market accounts. This mix shift is crucial for managing funding costs and improving the overall net interest margin.

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Share Repurchases

• In October 2025, the Board approved a new share repurchase program authorizing purchases of up to 11.9 million shares, or 5% of outstanding common stock, over a 12-month period.
• In the second quarter of 2025, Eastern repurchased 183,053 shares for an aggregate purchase price of approximately $3.0 million.
• In 2022, Eastern Bankshares returned over $265 million in capital to shareholders through dividends and share repurchases.

Share Issuance

• In November 2025, Eastern issued approximately 26,936,260 shares of Eastern common stock in connection with the acquisition of HarborOne Bancorp, Inc.
• In 2020, Eastern Bankshares raised $1.8 billion through its Initial Public Offering (IPO).

Outbound Investments

• Eastern Bankshares completed the acquisition of HarborOne Bancorp, Inc. on November 1, 2025.
• In November 2021, the company acquired Century Bank & Trust Company.
• The merger with Cambridge Trust significantly expanded Eastern Bankshares' asset base.