Eastern Bankshares to buy Century Bancorp for $642 million

By Paul Davis5 days ago

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Eastern Bankshares in Boston has agreed to buy Century Bancorp in Medford, Mass.

The $16 billion-asset Eastern said in a press release Wednesday that it will pay $642 million in cash for the $6.4 billion-asset Century. The deal, which is expected to close in the fourth quarter, priced Century at 175% of its tangible book value.

The announcement comes about six months after Eastern raised about $1.7 billion through its initial public offering.

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