East Boston Savings Bank

East Boston Savings Bank was a Massachusetts-chartered stock savings bank founded in 1848.[3][4] The company delivered a wide range of deposit and loan products through the operation of the bank.[5] On April 22, 2021, Rockland Trust would be acquiring the bank.[6]

East Boston Savings Bank
Company typePublic company
Nasdaq: EBSB
IndustryFinancial services
Founded1848; 176 years ago (1848) in East Boston, Massachusetts
FateAcquired by Rockland Trust
HeadquartersPeabody, Massachusetts
Number of locations
Key people
Richard J. Gavegnano
(President, CEO & Chairman)
Increase US$ 236.675 million (2018)[1]
Increase US$ 55.771 million (2018)[1]
Total assetsIncrease US$ 6.178 billion (2018)[1]
Number of employees
550 (2018)[2]

History edit

East Boston Savings Bank was established in Maverick Square, East Boston in 1848 by some merchants and shipbuilders, as a result of the booming commerce in Boston.[7][8]

In 1991, East Boston Savings Bank became a wholly owned subsidiary of Meridian Mutual Holding Company, later known as Meridian Financial Services.[citation needed]

By, 2006 Meridian formed another holding company called Meridian Interstate Bancorp, to which ownership of the bank was transferred.[9]

In 2009, Meridian Interstate entered into a merger agreement with Mt. Washington Cooperative Bank of South Boston, Massachusetts. The merger was consummated in early 2010 and Mt. Washington Bank now operates under its name as a division of East Boston Savings Bank.[7][10]

In July 2014, Meridian Interstate Bancorp consummated a second step stock conversion. Its top tier holding company MFS ceased to exist and a new corporation, Meridian Bancorp, Inc. was established.[11]

In May 2020, East Boston Savings Bank has collaborated with nearby restaurants in East Boston, South Boston, Dorchester and Revere to provide over 1,300 meals.[12]

In July 2020, East Boston Savings Bank has launched new branches in Salem and Woburn, and plans to launch the third branch of EBSB in Brookline in late summer.[13]

References edit

  1. ^ a b c "Selected Financial Data" (PDF).
  2. ^ Number of Employees
  3. ^ "Edgar Pro". Yahoo.brand.edgar-online.com. Retrieved 2014-03-17.
  4. ^ "Meridian Interstate Bancorp Inc (EBSB.O) Company Profile". Reuters.com. Archived from the original on 2013-12-20. Retrieved 2014-03-17.
  5. ^ "Meridian Interstate Bancorp, Inc.: NASDAQ:EBSB quotes & news - Google Finance". 2014-01-28. Retrieved 2014-03-17.
  6. ^ "Independent Bank Corp. And Meridian Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire East Boston Savings Bank". 22 April 2021.
  7. ^ a b "East Boston Savings Bank : Mt. Washington Bank: About Us". Ebsb.com. Retrieved 2014-03-17.
  8. ^ "EBSB Profile | Meridian Interstate Bancorp, In Stock - Yahoo! Finance". Finance.yahoo.com. Retrieved 2014-03-17.
  9. ^ Inc, Meridian Bancorp (2014-03-05). "Meridian Interstate Bancorp, Inc. Announces Adoption of Plan of Conversion for Second-Step Stock Offering". GlobeNewswire News Room. Retrieved 2020-09-08. {{cite web}}: |last= has generic name (help)
  10. ^ "Print - Meridian Interstate Bancorp, Inc. and East Boston Savings Bank Complete Acquisition of Mt. Washington Cooperative Bank". Globenewswire.com. Retrieved 2014-03-17.
  11. ^ "EBSB | Meridian Bancorp Inc. Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2020-12-22.
  12. ^ "East Boston Savings Bank partners with local restaurants to supply over 1,300 meals to residents". nerej. 12 June 2020. Retrieved 22 June 2020.
  13. ^ "East Boston Savings Bank Opens Three New Branches in the Area". Lynn Journal. 29 July 2020. Retrieved 13 August 2020.