Eastern Bankshares (EBC) Announces Board Appointments

Eastern Bankshares, Inc. (“Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of four members of Cambridge Bancorp’s (NASDAQ: CATC) (“Cambridge”) Board of Directors to the Eastern and Eastern Bank Boards of Directors (together, the “Eastern Boards of Directors" or the “Eastern Boards”) effective upon the closing of the companies’ pending Merger (the “Merger”).

As previously announced on September 19, 2023, upon closing of the Merger, Denis Sheahan, Chairman, President and CEO of Cambridge, will become the CEO of Eastern and will join the Eastern Boards of Directors, and three Cambridge directors will be appointed to the Eastern Boards. Eastern Chief Executive Officer and Chair of the Eastern Boards, Bob Rivers, will serve as Executive Chair and Chair of the Eastern Boards. The Merger is expected to close on or about July 12, 2024.

The three Cambridge directors appointed to the Eastern Boards of Directors are industry leaders with extensive experience in banking and professional services, real estate, risk management and corporate governance, and include:

• Leon A. Palandjian
• Cathleen A. Schmidt
• Andy S. Zelleke

“We are pleased to announce the appointment of Denis Sheahan, Leon Palandjian, Cathy Schmidt, and Andy Zelleke to Eastern’s Boards of Directors, and look forward to benefitting from their guidance and insights,” said Bob Rivers, Chief Executive Officer and Chair of the Eastern Boards. “They are thoughtful and highly respected leaders who understand our commitment to serving our shareholders, customers, colleagues and local communities. Their expertise will help drive greater value and innovation as our two organizations come together to create Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts.”

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