- Eastern Bankshares plans to build out in the Rhode Island market, including commercial, consumer, and wealth management businesses.
- No current plans to expand banking services into Connecticut or New York, but open to future opportunities.
- The Rhode Island franchise is viewed as a potential springboard for regional growth, with active engagement in the market.
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- Management is awaiting Federal Reserve approval, with an optimistic target for completion around September.
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- Partnership aims to lower loan-to-deposit ratio, reduce cost of funds, and enhance liquidity.
- Eastern Michigan Bank's strong credit profile and community focus align with Mercantile's culture.
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