Bank / Credit Union

Eastern Bank acquires Century Bank

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April 8, 2021

Eastern Bankshares Inc. is set to acquire Century Bank and Trust for $642 million, the largest all-cash deal in the bank's history and the company's first bank purchase since it became a public company in October 2020, according to a press release.

Upon closing, Century Bank will merge with Easter. Concurrently, Eastern will convert Century customers to the Eastern platform with Century Bank branches assuming Eastern Bank's name.

"We've admired Century's success since its founding by Marshall Sloane in 1969 and today they are New England's largest family-run bank. Under the leadership of Barry R. Sloane and Linda Sloane Kay, the Century Bank brand has continued to rise in prominence and it was a proud moment for us when they communicated they wanted to partner with Eastern," Bob Rivers, chief executive officer and chair of the board of Eastern Bankshares Inc. and Eastern Bank said in the release. "We are excited for the opportunities this agreement creates and believe our combination will deepen our reach in providing banking services and other support to communities across Greater Boston and southern New Hampshire."

The deal will combine two of the largest Boston-area community banks and ensure Eastern's position as the third-largest traditional retail bank based in New England after Citizens Bank and Webster Bank.