Eastern Bankshares announces new share repurchase plan

Sep. 07, 2022 7:47 AM ETEastern Bankshares, Inc. (EBC)By: Preeti Singh, SA News Editor1 Comment
  • Eastern Bankshares (NASDAQ:EBC) has announced a new share repurchase program to purchase up to 8.9M shares.
  • That represents ~5% of Eastern's (EBC) shares of common stock now outstanding. The repurchase program is limited to $200M through August 31, 2023.
  • The company plans to begin purchasing shares under the new repurchase program later this month after it purchases the shares remaining under its existing repurchase program. The new plan is limited to $200M through August 31, 2023.
  • Eastern (EBC) received approval for its inaugural share repurchase program in Nov 2021 , under which it was authorized to purchase up to ~9.34M shares for up to $225M over a 12-month period. Through Sep 6, 2022, it had repurchased ~9.13M shares for an aggregate purchase price of $182M.

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