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verification. (August 2020) |
Company type | Public company |
---|---|
Nasdaq: EBSB | |
Industry | Financial services |
Founded | 1848East Boston, Massachusetts | in
Fate | Acquired by Rockland Trust |
Headquarters | Peabody, Massachusetts |
Number of locations | 39 |
Key people | Richard J. Gavegnano (President, CEO & Chairman) |
US$ 236.675 million (2018) [1] | |
US$ 55.771 million (2018) [1] | |
Total assets | US$ 6.178 billion (2018) [1] |
Number of employees | 550 (2018) [2] |
Website | EBSB.com |
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 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]
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