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) |
 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]
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]
In April 2021, Independent Bank Corp. and Meridian Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire East Boston Savings Bank. [14]
References
[edit]- ^ a b c "Selected Financial Data" (PDF).
- ^ Number of Employees
- ^ "Edgar Pro". Yahoo.brand.edgar-online.com. Retrieved 2014-03-17.
- ^ "Meridian Interstate Bancorp Inc (EBSB.O) Company Profile". Reuters.com. Archived from the original on 2013-12-20. Retrieved 2014-03-17.
- ^ "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.
- ^ "Independent Bank Corp. And Meridian Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire East Boston Savings Bank". 22 April 2021.
- ^ a b "East Boston Savings Bank : Mt. Washington Bank: About Us". Ebsb.com. Retrieved 2014-03-17.
- ^ "EBSB Profile | Meridian Interstate Bancorp, In Stock - Yahoo! Finance". Finance.yahoo.com. Retrieved 2014-03-17.
- ^ "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.
- ^ "Print - Meridian Interstate Bancorp, Inc. and East Boston Savings Bank Complete Acquisition of Mt. Washington Cooperative Bank". Globenewswire.com. Retrieved 2014-03-17.
- ^ "EBSB | Meridian Bancorp Inc. Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2020-12-22.
- ^ "East Boston Savings Bank partners with local restaurants to supply over 1,300 meals to residents". nerej. 12 June 2020. Retrieved 22 June 2020.
- ^ "East Boston Savings Bank Opens Three New Branches in the Area". Lynn Journal. 29 July 2020. Retrieved 13 August 2020.
- ^ "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.