East Boston Savings Bank
This article needs additional citations for verification. (August 2020) |
 | |
| Company type | Public company |
|---|---|
| Nasdaq: EBSB | |
| Industry | Financial services |
| Founded | 1848 in East Boston, Massachusetts |
| Fate | Acquired by Rockland Trust |
| Headquarters | Peabody, Massachusetts |
Number of locations | 39 |
Key people | Richard J. Gavegnano (President, CEO & Chairman) |
| Increase US$ 236.675 million (2018)[1] | |
| Increase US$ 55.771 million (2018)[1] | |
| Total assets | Increase 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]
Rockland Trust announced it would be acquiring the bank on April 22, 2021[6] and completed the deal on November 12, 2021.[7]
History
[edit | edit source]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.[8][9]
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.[10]
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.[8][11]
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.[12]
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.[13]
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.[14]
In April 2021, Independent Bank Corp. and Meridian Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire East Boston Savings Bank. [15]
References
[edit | edit source]- ^ a b c Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Number of Employees
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).