Eastern Bankshares Raises $1.8 Billion in Subscription Offering

Eastern Bankshares Raises $1.8 Billion in Subscription Offering
Eastern Bankshares Raises $1.8 Billion in Subscription Offering
Bram Berkowitz, The Motley Fool

Eastern Bankshares raised $1.8 billion in its subscription offering and plans to start trading on the NASDAQ under the ticker EBC in mid-October, the bank said in a regulatory filing. Because Eastern operates under the unique corporate structure of a mutual savings bank, it's depositors technically own the bank. The Eastern Bank employee stock-ownership plan purchased 8% of the shares in the subscription offering.