Home Top Movers CNBKA Stock Price Soared 25% On Thursday. What Caused The Surge?

CNBKA Stock Price Soared 25% On Thursday. What Caused The Surge?

A share of Century Bancorp, Inc. (NASDAQ: CNBKA) increased by 25.04% or $22.90 during normal trading on Thursday to conclude the session at $114.34. In comparison to the average daily volume of 18.05K shares, the trading volume of Century Bancorp stock on the day remained 0.43 million shares. CNBKA stock rose following news of a merger agreement with another bank.

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The merger deal:

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The Century Bancorp is the parent company of Century Bank and Trust. A state-chartered $6.4 billion commercial bank with 27 branches in the Boston area, Century Bank and Trust offers a full range of services including business, personal, and institutional.

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Century Bancorp and Eastern Bankshares announced Thursday that they have entered into an all-cash agreement for the $642.1 million proposed transaction.

  • It was only six months before this in-market transaction that Eastern’s initial public offering achieved a $1.7 billion of valuation.
  • As of December 31, 2020, Century’s tangible book value, when viewed in reference to the current purchase price of $642 million, represents 175 times the book value.
  • Based on Eastern’s estimates, the transaction should result in approximately 55% increase in earnings and have an IRR of around 17%.
  • Using cash on hand on its balance sheet, Eastern will fund the purchase price.
  • Eastern also announced an increase of 33% to its quarterly dividend to $0.08 per share in line with its capital management initiatives.

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Will CNBKA benefit from this deal?

Partnerships like this make sense because Century Bancorp (CNBKA) has complementary business models and values common with Eastern. Through a commitment to innovation and technology, Eastern will give customers of CNBKA greater access to services and banking products best suited to meet their diverse needs.

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