Eastern Insurance Group LLC acquires operating assets from Michals Insurance Agency, Inc.

NATICK, Mass.–(COMMERCIAL WIRE)–Eastern Insurance Group LLCa wholly owned subsidiary of eastern bank, announced today that it has acquired the operating assets of Michals Insurance Agency, Inc, a full-service insurance agency located in Watertown, MA. The transaction is effective March 1, 2022 and marks the 35th acquisition of an independent insurance agency by Eastern Insurance since 2002.

Michals Insurance has served the insurance needs of individuals and businesses locally, nationally and internationally. “Since its inception in 1993, Michals Insurance has been committed to providing its clients with exemplary customer service and has been a highly respected member of the insurance industry and community,” said Tim Lodge, President and CEO of Eastern Insurance Group. LLC. “Michals has served the national fine art industry for decades, and we believe his consultative approach to serving clients in this industry will broaden our offerings and complement our commitment to exceptional customer service. We are excited to welcome the Michals team and begin working with this distinguished group of clients.”

Bradly Michals, President of Michals Insurance, added: “We are delighted to be joining the Eastern family and look forward to the many new and improved opportunities that we hope our combined teams will bring to our customers and workplaces. My family and I are committed to advancing Eastern Insurance in our shared vision of serving customers with excellence and bringing good to the community.”

About Eastern Insurance Group LLC

Eastern Insurance Group LLC, based in Natick, Massachusetts, is a wholly owned subsidiary of Eastern Bank. Licensed to do business in every state, Eastern Insurance serves more than 75,000 individuals and businesses and offers a full range of personal and commercial insurance products, as well as employee benefit services. Representing more than 50 national and regional insurance companies, Eastern Insurance is recognized as one of the largest insurance agencies headquartered in Massachusetts and the 34th largest property and casualty agency in the United States. For more information visit www.orientalinsurance.com.

About Eastern Bank

Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. As of December 31, 2021, Eastern Bank had approximately $24 billion in total assets. Eastern offers banking, investment and insurance products and services to consumers and businesses of all sizes, including through its Eastern Wealth Management division and its subsidiary Eastern Insurance Group LLC. Eastern prides itself on its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 2,100 deeply committed professionals who value relationships with their clients, colleagues and communities. Join us forever on eastbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC) is the holding company of Eastern Bank. For investor information, visit investor.easternbank.com.

Forward-looking statements

Statements in this press release regarding Eastern Insurance’s future operating results, growth, business plans and prospects, as well as any other statements that are unrelated to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of Eastern Insurance and Michals Insurance Agency, Inc. (“Michals Insurance”), and their respective plans, estimates and expectations as of the date of this release. Forward-looking statements include statements about anticipated future events and can be identified by the fact that they do not relate strictly to current or historical facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs like “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include difficulties and delays in integrating Michals Insurance’s customers or business, or onboarding its sales producers; Eastern Insurance’s inability to sustain revenue and earnings growth or fully realize revenue or expense synergies or other benefits expected from asset acquisitions; the impossibility of implementing integration plans and other consequences associated with the acquisition of assets; the choice of Michals Insurance customers or their sales producers not to maintain their respective business relationships with Eastern Insurance; and effects of competition in the financial services industry, including the success of competitors in recruiting Michals Insurance sales producers, developments in the Company’s market related to the COVID-19 pandemic, including the severity and duration of the associated economic slowdown, adverse developments in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the provision for loan losses, increased competitive pressures, changes in the interest rate environment, general economic or conditions within the securities markets and legislative and regulatory changes that could adversely affect the business in which the Company, Eastern Bank and Eastern Insurance are engaged.

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