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Nutter Represents Eastern Bankshares, Inc. in Two Simultaneous Transactions with Total Deal Value Over $1 Billion
Print PDFNutter is serving as legal counsel to Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, in connection with its definitive merger agreement with Cambridge Bancorp (“Cambridge”) (NASDAQ: CATC), the parent company of Cambridge Trust Company, pursuant to which Cambridge will merge with and into Eastern in an all-stock transaction valued at approximately $528 million. Simultaneously, Nutter is also representing Eastern Insurance Group, LLC (“Eastern Insurance”), a wholly owned subsidiary of Eastern, in its definitive agreement to sell its insurance operations to Arthur J. Gallagher & Co. (NYSE: AJG) for approximately $510 million in cash.
The merger of Cambridge into Eastern will create a combined franchise with $27 billion of assets and further solidify Eastern as the largest Boston-based community bank by deposits. The deal team is being led by Michael Krebs and Kate Henry (M&A), with support from Tom Rosedale (Securities), Matthew Hanaghan (Banking), Mary Moran and Kadeem Apply (M&A), and Melissa Sampson McMorrow, Tracy Vitols, Michael Mooney and Kyle Sutton (Tax and Executive Compensation).
The sale of Eastern Insurance, the third largest bank-affiliated insurance brokerage in the country, will allow Eastern to benefit from valuation premium and redeploy capital for strategic in-market growth opportunities. The deal team is being led by Meghan Kelly and Shannon Zollo (M&A) and includes Elizabeth Myers, Armand Santaniello and Timothy Rennie (M&A), Tracy Vitols (Executive Compensation), Emily Grannon Fox (Labor, Employment and Benefits), Michael Mooney and Kyle Sutton (Tax), Mark Leonardo and Pat Concannon (Intellectual Property and Privacy and Data Security), and LeeAnn Baker (Leasing).
Nutter has a longstanding relationship with Eastern, including representing the bank in its $1.8 billion initial public offering in 2020 and its $642 million acquisition of Century Bancorp, Inc. in 2021.
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 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 technology, life sciences, banking, professional services, real estate, energy, medical devices, health care, and manufacturing. Nutter’s corporate practice handles the full range of M&A and private equity transactions, including representing buyers and sellers in auctions processes, mergers, asset sales, stock purchases, leveraged buyouts, roll-ups, joint ventures, PIPEs, going private transactions, tender offers, and proxy contests.
About Nutter
Nutter is a Boston-based law firm that provides legal counsel to industry-leading companies, entrepreneurs, institutions, foundations, and families, across the country and around the world. The firm’s corporate, 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.
