Eastern Bank Corporation
 |
|
| Mutual | |
| Industry | Banking |
| Founded |
Boston, Massachusetts, U.S. (1818) (as Salem Savings Bank) |
| Headquarters | Boston, Massachusetts, U.S. |
|
Key people
|
Robert F. Rivers, Chairman and CEO |
 US$62.7 million (2016) |
|
| Total assets | US$10.5 billion (2017) |
| Website | www.EasternBank.com |
Eastern Bank is the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, Eastern had a 3.2% market share in Massachusetts in 2016. It was founded in 1818 in Salem, and then moved to Lynn, Massachusetts. The company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to Boston's Financial District.
Eastern Bank was established on April 15, 1818 as Salem Savings Bank and became insured by the Federal Deposit Insurance Corporation on October 1, 1983. On October 19, 1989, Eastern Savings Bank's parent company Lynn, Massachusetts-based Eastern Bank Corporation, renamed it Eastern Bank, and reorganized it into a mutual holding company, making it the first of its kind in Massachusetts.
In the years following its reorganization, it made several acquisitions of local banks. They included Shore Bank And Trust Company (Lynn, April 1992), Malden Trust Company (Malden, May 1992), First Colonial Bank For Savings (Lynn, October 1993), and Saugus Bank And Trust Company (Saugus, November 1994).
In 1997, Eastern began an aggressive expansion program with the aim of doubling its size within five years. The first acquisition of the program was initiated in early 1998 when Eastern bought the ten-branch Quincy-based Hibernia Savings Bank and its parent holding company Emerald Isle Bancorp, Inc for $80 million and converted all branches to Eastern Banks. Eastern, with the bulk of its branches north of Boston, gained exposure to the market south of Boston through the acquisition.
In November 2002, Eastern Bank merged its operations with its subsidiary, Salem-based Eastern Bank & Trust Company. The following year in March 2003, company headquarters were moved from Lynn to Boston's Financial District, positioning it alongside the regional headquarters of other large banks including FleetBoston Financial and Citizens Bank.
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