EASTERN BANKSHARES AND CAMBRIDGE BANCORP APPROVED TO MERGE
Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC), the stock holding company for Eastern Bank, and Cambridge Bancorp (NASDAQ: CATC), the parent company of Cambridge Trust Company, announced they have received all necessary regulatory approvals to complete their proposed merger, which was previously announced on September 19, 2023. The merger is expected to close on or about July 12, 2024.
“We are thrilled to receive the required regulatory approvals for our merger with Cambridge Trust, and we look forward to completing the integration of our two companies,” said Bob Rivers, CEO and chair of the boards of Eastern and Eastern Bank.
“This merger will create a $26 billion organization that is positioned as Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts. We are deeply grateful to the incredible teams at both banks for their work in supporting this merger, and their outstanding customer service, collaboration and engagement in the communities where we operate.
SURVEY: BUSINESS OWNERS ANTICIPATE REVENUE GROWTH THIS YEAR
Bank of America’s 2024 Business Owner Report, conducted in partnership with the Bank of America Institute, found that a majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially.
When looking at owners’ views of the national economy, their outlooks varied by the size of their business: 75% of mid-sized business owners (MSBOs) expect the national economy to improve over the next 12 months, while just 33% of small business owners (SBOs) expect the same.
Top economic concerns for MSBOs include the U.S. political environment (68%), inflation (67%), supply chain (66%) and consumer spending (66%). SBOs share concern over the U.S. political environment (75%) and inflation (73%) but are also concerned about health care costs (69%) and interest rates (63%).
Sixty-one percent of MSBOs and 56% of SBOs noted concerns about recession, both down from 72% last spring. And while concerns over inflation have come down slightly since this time last year, 90% of MSBOs and 84% of SBOs still say that inflation is currently impacting their business.
Funding plans have increased for MSBOs in the year ahead, with 93% of MSBOs planning to obtain funding (90% in spring 2023). Financing plans have stayed steady with 54% planning to apply for a bank loan in the next 12 months. In contrast, funding and loan application plans have decreased for SBOs — with 71% planning to obtain funding for their business, down from 82% last spring; and 16% of SBOs plan to apply for a bank loan or line of credit this year, down from 24% last spring.
Additionally, the vast majority of MSBOs (89%) plan to implement artificial intelligence (AI) tools this year. They plan to use these tools to streamline their payroll and bookkeeping (57%), assist with hiring efforts (49%) and stand out from competitors (44%).
To view the full report, visit institute.bankofamerica.com.
SILVERTECH MOVES HQ TO BEDFORD
Digital marketing and website development solutions provider SilverTech will be relocating from their current 15,000-square-foot old schoolhouse in Manchester to a new 40,000-square-foot facility in Bedford.
The move comes on the heels of continuous growth for the company, who will now be able to host training sessions and workshops for internal staff and clients in the new, expanded space. SilverTech’s new site will also feature 20 conference rooms and collaboration spaces to foster creativity and innovation.
With their ongoing advancement in the industry, SilverTech plans to focus on attracting and retaining talent for their new workspace where they can develop new services that meet the evolving needs of their clients.
“We are thrilled to announce this exciting move,” said Nick Soggu, CEO of SilverTech.
“The incredible growth we’ve experienced in recent years is a testament to the dedication and talent of our team as well as a direct result of the continuous, long-term relationships we are forging with our client base. This new headquarters will give us the room to continue to collaborate in person, further elevate our service offerings and expand our reach.”
