Eastern Bankshares, Inc. (“Eastern”) and Needham Bank Enter Into Asset Purchase Agreement For The Transfer of Eastern’s Cannabis Banking Business

Key Facts

• BOSTON--(BUSINESS WIRE)--Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Needham Bank (“Needham”) today jointly announced they have entered into an asset purchase agreement for the transfer to Needham of Eastern’s cannabis-related and money service business deposit relationships which were acquired during its merger with Century Bank and Trust Company.
• Mr. Evangelista and his experienced team will continue working with customers during the transition period, and plan to join and remain with Needham Bank upon the closing of the transaction.
• Forward-Looking Statements Statements in this press release regarding the proposed transfer of Eastern’s cannabis and money services businesses (the “Transferred Businesses”) to Needham (the “Transaction”), and the future results, growth, business plans and prospects of such businesses, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements.
• Certain factors relating to the proposed Transaction that could cause or contribute to actual results differing materially from expected results include, but are not limited to, that the Transaction may not be timely completed, if at all; that prior to the completion of the Transaction or thereafter, the Transferred Businesses may not perform as expected due to Transaction-related uncertainty or other factors; that Needham is unable to successfully implement integration strategies; that required regulatory or other approvals are not obtained or other closing conditions are not satisfied in a timely manner or at all; that the timing of completion of the proposed Transaction is dependent on various factors that cannot be predicted with precision as of the date of this press release; reputational risks and the reaction of the companies’ customers to the proposed Transaction; the inability to implement onboarding plans and other consequences associated with transfer of the Transferred Businesses; that Mr. Evangelista and members of his team may choose not to join Needham or remain employed by Needham; and diversion of management time on Transaction-related issues.

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