Eastern Bankshares, Inc. Announces Board Leadership Transition; Peter K. Markell Elected Lead Independent Director

Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank

“Peter Markell has been a trusted and steady voice on our Board for two decades, and his deep financial expertise, leadership of our Audit Committee and broad perspective across our committees make him exceptionally well suited to lead our independent directors”

Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank

“We are equally grateful to Deborah Jackson, who has led our independent directors with exceptional integrity and excellence since 2018. She guided the Board through an extraordinary period of transformation, from our initial public offering through a series of mergers, and through it all she kept our mission and our commitment to the communities we serve at the center of our work, helping to solidify our role as the largest, locally-headquartered bank in Boston. We are fortunate to continue to benefit from her counsel as a director through 2027.”

Peter K. Markell, Lead Independent Director-elect of Eastern Bankshares, Inc.

“I am honored by the confidence of my fellow directors and grateful to Deborah Jackson for the strong example she has set. Eastern is a company with a remarkable history and an even brighter future, and I look forward to working closely with Bob and my fellow directors in this new role.”

Deborah C. Jackson, Lead Independent Director of Eastern Bankshares, Inc.

“For more than two centuries, Eastern has modelled what it means for a bank to lead in, and for, the communities it serves, and that commitment matters as much today as it ever has. It has been my privilege to serve on this Board for more than 25 years and as Lead Director since 2018, a period in which Eastern became a public company, grew organically and through several mergers, and never lost sight of who we serve. Peter has been a valued colleague and an exceptional Audit Committee Chair, and I have every confidence in his leadership. I look forward to supporting Peter, Bob and my fellow directors through a seamless transition, and to continuing to champion Eastern’s mission as a director through 2027.”

Bob Rivers, Executive Chair and Chair of the Board of Directors of Eastern Bankshares, Inc. and Eastern Bank

“We are very thankful for the many contributions Rich Holbrook and Luis Borgen have made to our Company. Rich joined Eastern in 1996 and since that time has strengthened our Company through his exemplary leadership and financial stewardship as CFO, CEO, Board Chair, and Director. There are few in the community banking industry who have contributed more than Rich, and we are incredibly grateful to benefit from his leadership. Luis Borgen’s decades of financial expertise and public company experience likewise strengthened our Board. We wish them both the very best in their next chapters. On behalf of my fellow directors and leadership team, I want to thank Deborah, Rich and Luis for their counsel, candor and expertise. I look forward to working with Peter and the full Board as we continue to deliver for our customers, colleagues, communities and shareholders across the communities we serve.”