Just ahead of its expected completion of merging with Cambridge Trust, Eastern Bank has announced four Cambridge Trust board members who will join Eastern’s Boards of Directors upon closure of the deal.
When the merger is completed, Denis Sheahan, current chairman, president and CEO of Cambridge, will join Eastern’s Board of Directors, along with Leon Palandjian, Cathleen Schmidt and Andy Zelleke. Sheahan joining the new board was announced, along with the merger, last September.
The size of the board will increase from 13 to 17 as a result of the additions.
“They are thoughtful and highly respected leaders who understand our commitment to serving our shareholders, customers, colleagues and local communities,” said Bob Rivers, CEO of Eastern Bank in a statement. “Their expertise will help drive greater value and innovation as our two organizations come together to create Greater Boston’s leading local bank and the largest bank-owned independent advisor in Massachusetts.”
The merger was delayed months from its initial projections of closing in the first quarter of 2024. In May, the deal was granted the necessary regulatory approvals to move forward. Eastern said the merger is expected to close “on or about” July 12.
Once completed, Rivers will become executive chair and chair of the board of directors of the combined entities. Sheahan will become chief executive of Eastern Bank. Quincy Miller, current vice chair and president of Eastern, will become vice chair, president and chief operating officer of Eastern.
Eastern Bank (Nasdaq: EBC) is the fifth-largest bank in Massachusetts with total deposits of $17.8 billion, according to Business Journal research. Cambridge Trust ranked 15th in Massachusetts with $4 billion in deposits, according to the same research.
Palandjian is the chief risk officer of Intercontinental Real Estate Corporate, a Boston-based national real estate investment firm. Palandjian has served on the board of directors at Cambridge Trust since 2006. He was lead director from 2014 to 2017.
Schmidt served as CEO at McLane Middleton Professional Association from 2013 until her retirement in September 2021. Before that, she served as president and CEO of Citizens Bank New Hampshire and Vermont. She’s been a director with Cambridge Trust since 2016.
Zelleke is a senior lecturer of business administration at Harvard Business School. Before his current role, Zelleke was a faculty member at the Harvard Kennedy School and the Wharton School of the University of Pennsylvania. He joined the Cambridge Trust board in October 2022.