East Boston Savings Bank

East Boston Savings Bank

Company type	Public company
Traded as	Nasdaq: EBSB
Industry	Financial services
Founded	1848;177 years ago (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)
Operating income	US$ 236.675 million (2018) [1]
Net income	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]

Rockland Trust announced it would be acquiring the bank on April 22, 2021 ^[6] and completed the deal on November 12, 2021. ^[7]

History

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

1. "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. Archived from the original on August 14, 2012. 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. "Independent Bank Corp. and Rockland Trust Complete Meridian Bancorp, Inc. and East Boston Savings Bank Acquisition". Archived from the original on 2021-11-13. Retrieved 2025-02-06.
8. "East Boston Savings Bank : Mt. Washington Bank: About Us". Ebsb.com. Retrieved 2014-03-17.
9. "EBSB Profile | Meridian Interstate Bancorp, In Stock - Yahoo! Finance". Finance.yahoo.com. Retrieved 2014-03-17.
10. "Meridian Interstate Bancorp, Inc. Announces Adoption of Plan of Conversion for Second-Step Stock Offering". GlobeNewswire News Room. 2014-03-05. Retrieved 2020-09-08.
11. "Print - Meridian Interstate Bancorp, Inc. and East Boston Savings Bank Complete Acquisition of Mt. Washington Cooperative Bank". Globenewswire.com. Retrieved 2014-03-17.
12. "EBSB | Meridian Bancorp Inc. Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2020-12-22.
13. "East Boston Savings Bank partners with local restaurants to supply over 1,300 meals to residents". nerej. 12 June 2020. Retrieved 22 June 2020.
14. "East Boston Savings Bank Opens Three New Branches in the Area". Lynn Journal. 29 July 2020. Retrieved 13 August 2020.
15. "Independent Bank Corp. and Meridian Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire East Boston Savings Bank". Rockland Trust Bank. Retrieved 20 November 2024.