Eastern Bank’s parent company has agreed to acquire Century Bank’s parent in an all-cash deal valued at $642 million, a transaction that would bring together two of the region’s largest lenders just months after Eastern went public.
The two companies announced the agreement in a press release late Wednesday. An investor call is scheduled to be held Thursday morning.
The acquisition, if approved, would bring Eastern to over $22 billion in assets. It is already the largest independent Massachusetts-based bank, and the deal would only expand the gap between Eastern and competitors like Rockland Trust and Berkshire Bank.
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Century has $6.4 billion in assets. As of year's end, it was the sixth-largest bank headquartered in Massachusetts as measured by assets, according to Federal Deposit Insurance Corp. data. By deposit market share, it was the tenth-largest bank operating in Massachusetts last year.