NEC member Eastern Bank has filed a prospectus to become an independent, public bank.
The Boston-based institution is currently the nation’s largest mutual bank, with roots dating back centuries in Salem, MA. Eastern said that the pandemic and it’s resulting impact on the economy have shown that the financial sector will need to accelerate technological integration and development. The bank aims to use the outside capital raised by the initial public offering (IPO) to increase technology to better serve its customers. The IPO is expected to take place in the fall.
“We are proud of Eastern Bank’s history as the oldest and largest mutual bank in the United States and our enduring commitment to our customers, colleagues and communities,” said CEO Bob Rivers, who serves on the NEC Board of Directors. “The conversion also provides an opportunity to build upon the incredible commitment of our depositors, employees, corporators and community partners.”
The Council congratulates Eastern Bank on this next step as it strives to provide more high-quality services to its customers. Banking Dive and the Boston Globe have more.