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Eastern Bankshares Gets Regulatory Nod For New $200 Mln Share Repurchase

Eastern Bankshares, Inc. (EBC) said on Wednesday that it has received non-objection from regulators to repurchase up to 8.9 million shares, for $200 million through August 31, 2023.

The shares to be repurchased represent around 5 percent of Eastern's common stock.

Eastern expects to begin the new buy back drive later this month, after it buys back the remaining shares under its existing program.

Under its previous share buy back program, through September 6, Eastern has repurchased 9.12 million shares, for $182 million.

Earlier, the company had authorized to repurchase up to 9.33 million shares, for up to $225 million over a year.

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