Eastern Bankshares to sell insurance unit, merge with Cambridge Trust (NASDAQ:EBC)


M and A text on the phone, which is on the laptop keyboard. Business concept

Volha Barysevich

Eastern Bankshares (NASDAQ:EBC) agreed to sell its insurance operations to Arthur J.Gallagher (AJG) for ~$510M, and to merge with Cambridge Trust Company in an all-stock transaction valued at ~$528M, the bank holding company said Monday.

The transaction will create the

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