Eastern Bankshares, Inc. (“Eastern”) and Needham Bank Enter Into Asset Purchase Agreement For The Transfer of Eastern’s Cannabis Banking Business

BOSTON—(BUSINESS WIRE)—Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, and Needham Bank (“Needham”) today jointly announced they have entered into an asset purchase agreement for the transfer to Needham of Eastern’s cannabis-related and money service business deposit relationships which were acquired during its merger with Century Bank and Trust Company. Over the coming months, cannabis banking customers will receive regular updates, including how to prepare for the transition pending regulatory approval. About Eastern Bankshares, Inc. and Eastern BankEastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. Known as the “Builder’s Bank”, Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892.