Simpson Thacher recently advised Keefe, Bruyette & Woods, Inc., as selling agent, and J.P. Morgan Securities LLC, as capital markets advisor, in the mutual-to-stock conversion of Eastern Bankshares, Inc. (“Eastern”). A total of 179,287,828 shares of common stock were sold in the subscription offering at a price of $10 per share, for gross offering proceeds of approximately $1.793 billion. Eastern’s common stock is listed on the NASDAQ Global Select Market under the symbol “EBC.”
Eastern, headquartered in Boston, MA, is the bank holding company for Eastern Bank. Eastern Bank was founded in 1818 and, as of June 30, 2020, had more than 110 locations and approximately $14 billion in total assets.
The Simpson Thacher team for this offering included, among others, Lee Meyerson, Lesley Peng, Tony Rim and Ben Carson (Capital Markets); Adam Cohen (Bank Regulatory); Jonathan Goldstein and Zachary Fialkow (Tax); Andrew Blau, Jennifer Neilsson and Alan Fenyes (Executive Compensation and Employee Benefits); and Jennie Getsin (FINRA and Blue Sky).