Century Bancorp Leaps on Deal to Be Bought by Eastern Bankshares
Eastern Bankshares, which went public in October, agreed to pay $115.28 a share, or $642 million, for Century Bancorp.
Author:
Apr 8, 2021 11:29 AM EDT
Eastern Bankshares EBC, the Boston bank-holding company that went public in October, agreed to pay $115.28 a share cash, or $642 million, for Century Bancorp.
The accord boosted the shares of Century Bancorp, Medford, Mass. At last check they were 25% higher at $114.15. Eastern Bankshares was off 1.6% at $18.90 a share.
Eastern Bankshares operates Eastern Bank. Century Bancorp is the parent of Century Bank & Trust Co.
Eastern also lifted its quarterly dividend by a third to 8 cents a share, payable June 15 to holders of record June 3.