Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 7, 2021, the Company entered into a definitive merger agreement with Century Bancorp, Inc. (“Century”) under which the Company will acquire Century for $641.9 million in cash (the “Merger Agreement”). Century is the stock holding company of Century Bank and Trust Company, a Massachusetts-chartered stock bank headquartered in Medford, Massachusetts with $6.4 billion in assets, $5.4 billion in deposits and 27 full-service branches in Massachusetts as of December 31, 2020. Pursuant to the terms of the Merger Agreement, Century Bank and Trust Company will merge with and into the Bank upon completion of the transaction. The transaction is subject to customary closing conditions, including the receipt of regulatory approval and Century shareholder approval. The Company currently expects the merger to be completed during the fourth quarter of 2021. The Merger Agreement has been unanimously approved by the Boards of Directors of each of the Company and Century.

Under the terms of the Merger Agreement, at the effective time of the merger, each holder of Century Class A and Class B common stock will receive a cash payment of $115.28 per share.

Additional information about the Merger Agreement and the merger can be found in the Company's Current Report on Form 8-K filed with the SEC on April 8, 2021. The merger is subject to certain risks and uncertainties, and there can be no assurance that the Company will be able to complete the merger on the expected timeline or at all. See “Risk Factors” included in Part II, Item 1A of this Quarterly Report on Form 10-Q.