Corus Bankshares

Investor Group Completes Majority Purchase in Southern Bankshares, Inc.

Retrieved on: 
Wednesday, November 1, 2023
Banking, Other Professional Services, Professional Services, Finance, The Burke Group, EverBank, Corus Bankshares, Cryptocurrency

Southern Bankshares, Inc. (the “Company”), the holding company of The Claxton Bank, announced today that a new investor group has completed its purchase of a controlling ownership position in the Company.

Key Points: 
  • Southern Bankshares, Inc. (the “Company”), the holding company of The Claxton Bank, announced today that a new investor group has completed its purchase of a controlling ownership position in the Company.
  • The investor group is led by individuals from Jacksonville, Florida who have a successful track record of leading and investing in banks and other financial services companies.
  • The Burke Group, LLC served as the financial advisor to Southern Bancshares, Inc. and Fenimore Kay Harrison served as its legal advisor.
  • Smith Mackinnon, PA served as the legal advisor to the investor group.

Eastern Bankshares, Inc. Announces Closing Of Eastern Insurance Group LLC Asset Sale

Retrieved on: 
Tuesday, October 31, 2023
Banking, Professional Services, Insurance, Sale, NYSE, Life, EBC, Corus Bankshares, Arthur J. Gallagher & Co., Eastern Bank

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today it has completed the previously disclosed sale of Eastern Bank’s insurance operations, which conduct business under the name Eastern Insurance Group LLC (“Eastern Insurance”), to Arthur J. Gallagher & Co. (NYSE: AJG) (“Gallagher”).

Key Points: 
  • Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today it has completed the previously disclosed sale of Eastern Bank’s insurance operations, which conduct business under the name Eastern Insurance Group LLC (“Eastern Insurance”), to Arthur J. Gallagher & Co. (NYSE: AJG) (“Gallagher”).
  • “This transaction enables a stronger focus on the strategic growth of our core banking business,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank.
  • “We are grateful for the leadership of Eastern Insurance’s CEO Tim Lodge and the entire team at Eastern Insurance for their years of contributions, camaraderie and outstanding service to our customers, colleagues and communities we serve.
  • Licensed to do business in every state, Eastern Insurance serves more than 75,000 individuals and businesses and represents more than 50 national and regional insurance carriers.

Eastern Bankshares, Inc. Appoints Marisa J. Harney And Linda M. Williams To Its Board Of Directors

Retrieved on: 
Monday, October 30, 2023
Banking, Asset Management, Professional Services, Finance, Linda, Johns Hopkins University, Goodwill Industries, BS, EBC, MBA, Credit Suisse, Credit Suisse First Boston, First Citizens Bank (Trinidad and Tobago), CIT Group, SmileDirectClub, Risk management, Corus Bankshares, New York University Stern School of Business, Business, JPMorgan Chase, New York University, Blue Cross Blue Shield Association, Audit, Fordham, Management, Eastern Bank

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of Marisa J. Harney and Linda M. Williams to its Board of Directors effective immediately.

Key Points: 
  • Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today the appointment of Marisa J. Harney and Linda M. Williams to its Board of Directors effective immediately.
  • They have also each been appointed to the Audit and Risk Management Committees of the Board effective January 1, 2024.
  • They will also serve on the Board of Directors of the Company’s banking subsidiary, Eastern Bank.
  • “We are extremely pleased to welcome Marisa Harney and Linda Williams to our Board,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank.

Eastern Bankshares, Inc. Reports Third Quarter 2023 Financial Results

Retrieved on: 
Thursday, October 26, 2023
Banking, Asset Management, Professional Services, Finance, Capital gain, Insurance, Sale, Federal Deposit Insurance Corporation, Federal Home Loan Banks, Telephone, EBC, Share repurchase, W Holding Company, Acquisition, Shared National Credit Program, Growth, Trust, Corus Bankshares, ID, SNC, Webcast, Compact disc, Lender option borrower option, Statement, Capital loss, Total, Investment, Holding company, Security (finance), Life insurance, Pharmaceutical industry, Bank, Video game, Iron ore, Payment card, Drug, Real estate, Eastern Bank

The release of the Company’s quarterly financial results follows its September 19, 2023 announcement of the sale of the insurance operations of Eastern Insurance Group, LLC (“Eastern Insurance”) (“the insurance transaction”) and the pending merger with Cambridge Bancorp (“Cambridge”) (“the merger”).

Key Points: 
  • The release of the Company’s quarterly financial results follows its September 19, 2023 announcement of the sale of the insurance operations of Eastern Insurance Group, LLC (“Eastern Insurance”) (“the insurance transaction”) and the pending merger with Cambridge Bancorp (“Cambridge”) (“the merger”).
  • Regarding the Company’s third quarter financial results, Mr. Rivers commented, “Our results continue to demonstrate our robust capital position and the strength of our franchise.
  • Net interest income was $137.2 million for the third quarter of 2023, compared to $141.6 million in the prior quarter, representing a decrease of $4.4 million.
  • A conference call and webcast covering Eastern’s third quarter 2023 earnings will be held on Friday, October 27, 2023 at 9:00 a.m. Eastern Time.

United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2023

Retrieved on: 
Wednesday, October 25, 2023
Banking, Professional Services, Finance, United Bank (West Virginia), Insurance, Sale, FDIC, AFS, Paycheck Protection Program, Microsoft, ASU, PPP, Federal Reserve Board of Governors, Corus Bankshares, Growth, COVID-19, MSR, Common equity, CECL, Lender option borrower option, Investment, Video game, Bank, Real estate, Security (finance), United

Net interest income for the third quarter of 2023 increased $992 thousand, or less than 1%, from the second quarter of 2023.

Key Points: 
  • Net interest income for the third quarter of 2023 increased $992 thousand, or less than 1%, from the second quarter of 2023.
  • Noninterest income for the third quarter of 2023 decreased $1.5 million, or 4%, from the second quarter of 2023.
  • Noninterest expense for the third quarter of 2023 decreased $58 thousand, or less than 1%, from the second quarter of 2023.
  • United’s effective tax rate was 20.5% and 20.2% for the third quarter of 2023 and second quarter of 2023, respectively.

Eastern Bankshares, Inc. Recognized With The 2023 NACD Diversity, Equity & Inclusion Awards’ Public Company – Small Cap Category

Retrieved on: 
Thursday, October 12, 2023
Other Consumer, Women, Finance, Banking, LGBTQ+, Men, Professional Services, DEI (Diversity, Equity and Inclusion), Consumer, Other Professional Services, NAACP, Corus Bankshares, Chairperson, Corporation, Equity, Culture, NACD, Gender representation on corporate boards of directors, National Association, Workplace, DE, Human Rights Campaign, Lead, National Association of Corporate Directors, The Last Best Place, Management, Eastern Bank

Eastern Bankshares, Inc., the stock holding company for Eastern Bank, announced today it has been recognized with the 2023 NACD Diversity, Equity & Inclusion Awards’ Public Company – Small Cap Category.

Key Points: 
  • Eastern Bankshares, Inc., the stock holding company for Eastern Bank, announced today it has been recognized with the 2023 NACD Diversity, Equity & Inclusion Awards’ Public Company – Small Cap Category.
  • The annual award recognizes boards that have improved their governance and created long-term value for stakeholders by implementing forward-thinking diversity, equity and inclusion (DE&I) practices.
  • It is presented by the National Association of Corporate Directors (NACD), the authority on boardroom practices representing more than 23,000 corporate board members.
  • “Eastern takes pride in its deep client relationships, community support, and long-standing commitment to diversity, equity and inclusion,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank.

Eastern Bankshares, Inc. Announces Third Quarter 2023 Earnings Release Date, Conference Call and Webcast

Retrieved on: 
Thursday, October 5, 2023
Banking, Professional Services, Finance, Webcast, EBC, Corus Bankshares, Cryptocurrency, Broadcasting, Eastern Bank

Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s third quarter 2023 results:

Key Points: 
  • Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company’s third quarter 2023 results:
    The conference call will be simultaneously webcast.
  • Participants may join the webcast on the Company’s Investor Relations website at investor.easternbank.com.
  • A replay of the webcast will be made available on demand on this site.

Eastern Bankshares, Inc. Announces Agreement to Sell the Insurance Operations of Eastern Insurance Group, LLC to Arthur J. Gallagher & Co. and Enters Into Definitive Agreement to Merge with Cambridge Bancorp

Retrieved on: 
Tuesday, September 19, 2023
Banking, Professional Services, Insurance, Finance, LLP, Nutter McClennen & Fish, Corus Bankshares, Life, Telephone, River, BofA Securities, J.P. Morgan & Co., Sale, Arthur J. Gallagher & Co., EBC, AUMA, Webcast, Growth, NYSE, CATC, Security (finance), Financial services, Management, Pension fund, Retail, Online shopping, Financial adviser, Eastern Bank

Upon closing, Denis Sheahan, Chairman, President and CEO of Cambridge, will become the CEO of Eastern and will join Eastern’s Board of Directors.

Key Points: 
  • Upon closing, Denis Sheahan, Chairman, President and CEO of Cambridge, will become the CEO of Eastern and will join Eastern’s Board of Directors.
  • Sale of Eastern Insurance Group, LLC
    Also today, Eastern announced that Eastern Insurance has entered into a definitive agreement to sell its insurance operations to Arthur J. Gallagher & Co., for approximately $510 million in cash consideration.
  • In connection with the sale, current leadership and employees of Eastern Insurance are expected to join Gallagher.
  • Regarding the Eastern Insurance transaction, Piper Sandler & Co. served as financial advisor and Nutter McClennen & Fish LLP provided legal counsel to Eastern.

Eastern Bankshares, Inc. Reports Second Quarter 2023 Financial Results

Retrieved on: 
Thursday, July 27, 2023
Banking, Professional Services, Finance, Borrowing base, Federal Deposit Insurance Corporation, Insurance, Corus Bankshares, Share repurchase, Telephone, Trust, AFS, Non-commissioned officer, ID, Marketing, Sale, Federal Home Loan Banks, EBC, Investment, FTE, Webcast, Holding company, Video game, Security (finance), Bank, Book, Pharmaceutical industry, Payment card, Lithium, Eastern Bank

Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 second quarter financial results and the declaration of a quarterly cash dividend.

Key Points: 
  • Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2023 second quarter financial results and the declaration of a quarterly cash dividend.
  • “Our second quarter results show the tangible benefits of the balance sheet repositioning completed in the first quarter,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank.
  • Net interest income was $141.6 million for the second quarter of 2023, compared to $138.3 million in the prior quarter, representing an increase of $3.3 million.
  • A conference call and webcast covering Eastern’s second quarter 2023 earnings will be held on Friday, July 28, 2023 at 9:00 a.m. Eastern Time.

United Bankshares, Inc. Announces Earnings for the Second Quarter and First Half of 2023

Retrieved on: 
Thursday, July 27, 2023
Banking, Professional Services, Finance, Lender option borrower option, Insurance, Corus Bankshares, COVID-19, Paycheck Protection Program, AFS, Common equity, FDIC, Sale, PPP, Microsoft, Investment, CECL, ASU, United Bank (West Virginia), Federal Reserve Board of Governors, Video game, Financial services, Drug, Bank, Real estate, Security (finance), United

Net interest income for the second quarter of 2023 decreased $6.9 million, or 3%, from the first quarter of 2023.

Key Points: 
  • Net interest income for the second quarter of 2023 decreased $6.9 million, or 3%, from the first quarter of 2023.
  • Noninterest income for the second quarter of 2023 increased $2.4 million, or 7%, from the first quarter of 2023.
  • Noninterest expense for the second quarter of 2023 decreased $2.1 million, or 2%, from the first quarter of 2023.
  • Net interest income for the second quarter of 2023 increased $12.6 million, or 6%, from the second quarter of 2022.