Eastern Bank Headquarters Information

Eastern Bank is the United States largest and oldest mutual bank. It is also the large community bank in Massachusetts. As of 2016, there were 95 Eastern Bank branches and the bank had 3.2% of the state’s market share.

Eastern Bank’s assets were valued at $10.5 billion at the end of 2017. This was a significant increase from the $9.8 billion mark it set at the end of 2016. At the end of 2016, the deposits in the bank had reached $8.2 billion which was a new high for the bank.

History of Eastern Bank

The history of Eastern Bank goes back to 1818 when it was established as Salem Savings Bank. The bank would become insured by the FDIC in October 1983.

By 1989, the bank’s parent company was Eastern Bank Corporation which was based in Lynn, MA. In that year, they changed the banks name from Eastern Savings Bank to Eastern Bank and also changed it into a mutual holding company.

Since the change, the bank has acquired several local banks including:

• Shore Bank and Trust Company (1992)
• Malden Trust Company (1992)
• First Colonial Bank for Savings (1993)
• Saugus Bank and Trust Company (1994)

In 1997, the bank started a program that was aimed at doubling the size of the bank in five years or less. During this period, they acquired Emerald Isle Bancorp, Inc. which was the holding company for Hibernia Savings Bank. They paid $80 million for the acquisition. This helped the bank to gain a significant presence south of Boston.

In late 2002, the bank would merge with Eastern Bank & Trust Company, a subsidiary, before moving the company head offices to Boston.

The bank would continue to make acquisitions such as that of MassBank Corp. for which they paid $170 million in 2008. By 2012, Eastern Bank had undergone five mergers with other mutual banks.

The Headquarters

The headquarters of Eastern Bank are located in 265 Franklin Street, Boston, MA. This building is classified as a Class A tower and it offers up 370,000 square feet of space.

The building has 21 stories in total and reaches a height of 283 feet. The building was completed in 1984 and is sometimes known as the Paine Webber Building. Renovations were carried out in 2001 on the elevator and the lobby.

The building is located in a prime location in the financial district and is only one block away from Post Office Square Park. Thanks to the beautiful design of the building, people inside can enjoy panoramic views of the financial district.

Eastern Bank’s offices are located on two floors in the building and they also have an easily accessible ATM in the lobby.

For people who’d want a place to eat within the building, there is a Dunkin Donuts and a restaurant, Brandy Pete’s. There are many more locations within easy reach of the building including a Starbucks. The location of the building also provides easy access to and from several major roads including I-93 and the Massachusetts Turnpike.

Eastern Bank Headquarters Address

265 Franklin St, Boston, MA 02110, USA

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