Nutter Represents Eastern Bankshares, Inc. in Historic Initial Public Offering: Largest Full Conversion by U.S. BankPrint PDF
Nutter served as legal counsel to Eastern Bank Corporation, the mutual holding company of Eastern Bank, in its conversion to a fully public stock holding company known as Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC). Eastern Bankshares, Inc. sold 179,287,828 shares of common stock at $10.00 per share in the offering for gross offering proceeds of approximately $1,792,878,000. The deal team was led by Michael Krebs, chair of Nutter’s Corporate and Transactions Department and a co-leader of the firm’s Banking and Financial Services group, and included Tom Curry, Kate Henry, Blake Tyler, Ken Ehrlich, Terry McGinnis, Matt Hanaghan, Josh Gray, AJ Santaniello, and Yongha Lee on corporate matters and Erin Whitney, Chris McLoon, Melissa Sampson McMorrow, Michael Mooney, and Laura Marsell on tax matters. In addition, Ian Roffman and Mark Jensen provided counseling on prospective policies and procedures.
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of June 30, 2020, Eastern Bank had approximately $14.0 billion in total assets. Eastern provides banking, investment, and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group subsidiary. Eastern takes pride in its outspoken advocacy and community support that has exceeded $140 million in charitable giving since 1999. An inclusive company, Eastern employs 1,800+ deeply committed professionals who value relationships with their customers, colleagues, and communities. Please click for more information on the transaction.
Nutter’s Banking and Financial Services attorneys serve as corporate and regulatory counsel to banks, savings institutions, and other financial institutions and address a wide range of banking clients’ needs, including new bank formations, mergers and acquisitions, holding company formations, conversions, interstate expansion, the introduction of new products and services, including securities, insurance and trust services, and electronic banking.
Nutter’s Corporate and Transactions Department represents domestic and international corporations, publicly traded and privately-held companies, private equity firms, nonprofit institutions, and family-owned businesses in a wide variety of domestic and cross-border transactions. The firm’s attorneys advise on significant transactions in every major industry sector, including manufacturing, high technology, life sciences, banking, professional services, real estate, energy, medical devices, and health care. Nutter’s corporate law practice handles the full range of M&A and private equity transactions, including representing buyers and sellers in auctions and bid processes, mergers, asset sales, stock purchases, leveraged buyouts, roll-ups, joint ventures, PIPEs, going private transactions, exchanges of securities, friendly and hostile tender offers, and proxy contests.
Nutter is a Boston-based law firm that provides legal counsel to industry-leading companies, early stage entrepreneurs, institutions, foundations, and families, across the country and around the world. The firm’s business and finance, intellectual property, litigation, real estate and land use, labor and employment, tax, and trusts and estates practices are national in scope. The firm was co-founded in 1879 by former U.S. Supreme Court Justice Louis D. Brandeis, before his appointment to the Court. For more information, please visit www.nutter.com and follow the firm on LinkedIn.