Cambridge will merge with and into Eastern in an all-stock transaction that is valued at around $528m.

This is set to create a $27bn franchise in assets and boost Eastern’s presence in the Boston area. It will also have $18bn in total loans, $22.6bn in deposits and $7.6

Furthermore, Denis Sheahan, chairman, president and CEO of Cambridge will become the CEO of Eastern and will join the board of directors. Eastern’s president Quincy Miller will be promoted to vice chair, president and chief operating officer.

Both will report to Bob Rivers, who will serve as executive chair and chair of the board.

Due to the distinction of the Cambridge Trust branch in the banks’ local markets, the wealth management and private banking divisions will operate under the Cambridge Trust brand and leadership.

“I’ve long admired the success of Cambridge Trust under Denis’s leadership, and I’m excited to welcome Denis and the Cambridge team to Eastern,” said Rivers.

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“As we set our sights on the future, the enhanced capabilities and financial strength created by this merger will allow us to further position Eastern as the region’s local financial partner of choice, delivering enhanced value for our customers and shareholders, greater support for our communities, and increased opportunities for our colleagues.”

Sheahan added: “I am delighted to be a part of bringing together two terrific companies who share common values and vision.  I know the Cambridge Trust team will rise to the opportunity ahead and I look forward to working with our colleagues at Eastern as we integrate and deliver exceptional service to our clients.”

Eastern Insurance sale

Eastern Bankshares, the stock holding company for Eastern Bank, has also announced that Eastern Insurance has agreed to sell its insurance operations to Arthur J Gallagher for around $510m.

The sale allows Eastern to benefit from a premium value and redeploy capital in accordance with its strategy.

“For more than 20 years, the dedicated team at Eastern Insurance has grown the agency into what is now the third largest bank-affiliated insurance brokerage in the country and a top 50 agency overall,” said Rivers. “The growth and success of Eastern Insurance was made possible by the leadership of CEO Tim Lodge and the dedicated team who have built the agency into one of the premier insurance brokerage firms in the country. For that and more, I am grateful to each and every one of my colleagues at Eastern Insurance.  On behalf of all of their colleagues at Eastern, they will be greatly missed.”