Century Bancorp’s $642 Million Merger Agreement with Eastern Bankshares

Goodwin Procter LLP advised Century Bancorp, Inc. on the deal, while Simpson Thacher advised J.P. Morgan Securities LLC as financial advisor to Eastern Bankshares.

Century Bancorp, Inc. (Nasdaq: CNBKA) announced its entry into a definitive all-cash merger agreement with Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC), with an aggregate transaction value of $642 million. The merger will create a $22 billion combined franchise.

Century Bancorp, Inc. is the stock holding company of Century Bank and Trust Company, a $6.4 billion full service commercial bank operating twenty-seven branches in the Greater Boston area, with a full range of business, personal, and institutional services.

Eastern Bankshares, Inc. is the stock holding company of 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.

The acquisition is expected to close in the fourth quarter of 2021, subject to certain conditions.

The Goodwin team was led by Samantha Kirby (Picture), Bill Stern, Blake Liggio, Sarah Bock, Rob Hale, Andy Sucoff, Bob Kester, Jessica Craig, Matt Dyckman, and Bill McCurdy.

Simpson Thacher advised J.P. Morgan Securities LLC with Lee Meyerson and Sebastian Tiller (M&A).

Involved fees earner: Sarah Bock – Goodwin Procter; Jessica Craig – Goodwin Procter; Matthew Dyckman – Goodwin Procter; Robert Hale – Goodwin Procter; Robert Kester – Goodwin Procter; Samantha Kirby – Goodwin Procter; Blake Liggio – Goodwin Procter; William Stern – Goodwin Procter; Andrew Sucoff – Goodwin Procter; Lee Meyerson – Simpson Thacher & Bartlett; Sebastian Tiller – Simpson Thacher & Bartlett;

Law Firms: Goodwin Procter; Simpson Thacher & Bartlett;

Clients: Century Bancorp; J.P. Morgan Securities LLC;

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Martina Bellini

Author: Martina Bellini