Eastern Bank, a prominent financial institution based in Boston, has announced the appointment of David Rosato as its new Chief Financial Officer (CFO). This strategic move comes alongside the completion of Eastern Bank’s acquisition of Cambridge Trust, further solidifying its position as the largest retail bank based in Massachusetts with assets totaling $25 billion.
Bob Rivers, Eastern Bank’s Executive Chairman, expressed his enthusiasm about Rosato joining the team. “We have a lot of respect for him,” Rivers stated. “He has extensive experience in the public company environment and in managing larger banks, which is crucial as we continue to grow and navigate the complexities of our industry.”
Rosato, 62, brings a wealth of experience to Eastern Bank. Previously, he served as CFO at Berkshire Bank and People’s United Financial, where he gained significant expertise in public company management and the New England market. Rosato will officially join Eastern Bank on August 1, reporting to Denis Sheahan, the former CEO of Cambridge Trust and now CEO of Eastern Bank.
The timing of Rosato’s availability was fortuitous for Eastern Bank. “We were searching for a new CFO and were considering several strong candidates,” Rivers noted. “David’s availability was incredibly lucky for us.”
The acquisition of Cambridge Trust marks a significant milestone in Eastern Bank’s growth strategy. With Denis Sheahan now serving as CEO, and Quincy Miller continuing as President, Eastern Bank is well-positioned for future expansion and enhanced operational efficiency. Rivers, who has been instrumental in driving Eastern Bank’s growth through acquisitions, has transitioned to Executive Chairman.
The addition of Rosato and the acquisition of Cambridge Trust are expected to drive innovation and improve the bank’s understanding of the financial landscape in New England. This move is part of Eastern Bank’s broader strategy to enhance its services and offerings to better serve its customers and communities.
As Jim Fitzgerald, the outgoing CFO, prepares to transition into a senior advisor role in August, Eastern Bank acknowledges his significant contributions over the years. Fitzgerald’s leadership has been pivotal in steering the bank through various phases of growth and transformation.
Eastern Bank’s successful acquisition of Cambridge Trust and the appointment of David Rosato underscore the institution’s commitment to strategic growth and leadership excellence. With these developments, Eastern Bank is set to continue its legacy of providing exceptional banking services while navigating the evolving financial landscape.
About Eastern Bank
Founded in 1818, Eastern Bank is a diversified financial services company headquartered in Boston. With a commitment to community banking, Eastern Bank offers a full range of financial products and services, including personal and business banking, wealth management, and insurance. The recent acquisition of Cambridge Trust and the appointment of David Rosato as CFO reflect Eastern Bank’s dedication to growth, innovation, and excellence in the financial industry.