founded originally as salem savings bank in 1818 in massachusetts usa . for the other banks with similar names see eastern bank disambiguation . eastern bank type cooperative industry banking founded salem savings bank 1818 headquarters boston massachusetts united states key people richard holbrook chairman and ceo net income us 27.238 million 2009 1 total assets us 6.59 billion 2009 2 website www.easternbank.com eastern bank is the largest independent mutually owned bank in new england and the largest community bank in massachusetts . 3 4 with 82 branches eastern has a 2.83 % market share in massachusetts as of 2009 . 5 founded in 1818 and originally based in salem and then lynn massachusetts the company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to boston s financial district . history edit eastern bank was established on april 15 1818 as salem savings bank and became fdic insured on october 1 1983 . 6 on october 19 1989 eastern savings bank s parent company lynn massachusetts based eastern bank corporation renamed it eastern bank while also reorganizing it into a mutual holding company making it the first of its kind in massachusetts . 6 7 in the years following its reorganization it made several acquisitions of local banks . they included shore bank and trust company lynn april 1992 malden trust company malden may 1992 first colonial bank for savings lynn october 1993 and saugus bank and trust company saugus november 1994 . 6 former massbank location in downtown melrose . divested after temporary rebranding . in 1997 eastern began an aggressive expansion program with the aim of doubling its size within five years . 8 the first acquisition of the program was initiated in early 1998 when eastern bought the ten branch quincy based hibernia savings bank and its parent holding company emerald isle bancorp inc for 80 million and converted all branches to eastern banks . 7 9 eastern with the bulk of its branches north of boston gained exposure to the market south of boston through the acquisition . in november 2002 eastern bank merged its operations with its subsidiary salem based eastern bank & trust company . 6 the following year in march 2003 company headquarters were moved from lynn to boston s financial district positioning it alongside the regional headquarters of other large banks including fleetboston financial and citizens bank . 6 8 continually expanding its footprint in the region eastern purchased wareham s plymouth savings bank in may 2005 and sharon co operative bank in may 2007 . eastern bank announced in march 2008 its intention to buy reading based massbank corp. for 170 million . 3 10 eastern s third acquisition in the past four years it doubled its deposits in middlesex county to more than 1.4 billion garnering a 4 % market share in the county . 10 in late june 2010 it was announced that eastern bank was the winning bidder to acquire independent massachusetts bank wainwright and its 12 branches located in boston and the surrounding communities . the bank known for its social activism and lending to nonprofit organizations was purchased for 163 million or 19 a share ; almost double its 9.62 closing stock price prior to the announcement . 11 references edit https www.easternbank.com sitecollectiondocuments pdfs eb annual report.pdf https www.easternbank.com site about us services pages balance sheet.aspx a b staff march 11 2008 . eastern bank corp. acquires massbank corp. for 170 . the boston globe . retrieved april 20 2010 . mclaughlin tim february 23 2010 . bay state banks saw profit bounce in 2009 read more bay state banks saw profit bounce in 2009 boston business journal . boston business journal . retrieved april 20 2010 . douglas craig october 16 2009 . the top 20 massachusetts bank deposits and market share leaders read more the top 20 massachusetts bank deposits and market share leaders boston business journal . boston business journal . retrieved april 20 2010 . a b c d e history of eastern savings bank salem massachusetts . federal deposit insurance corporation . retrieved april 20 2010 . a b division of banks february 26 1998 . decision in the matter of the merger of the hibernia savings bank quincy massachusetts with and into eastern bank lynn massachusetts pdf . office of consumer affairs & business regulation . retrieved april 20 2010 . a b staff january 8 2010 . the best of the decade eastern bank . boston business journal . retrieved april 20 2010 . mccabe kathy november 2 1997 . eastern bank is thinking big acquisition of hibernia savings in quincy to start a 5 year plan . the boston globe . retrieved april 20 2010 . a b mclaughlin tim march 11 2008 . eastern bank buying massbank for 170m . boston business journal . retrieved april 20 2010 . wallack todd june 30 2010 . eastern bank to buy wainwright . the boston globe . retrieved august 30 2010 . external links edit official website retrieved from https en.wikipedia.org w index.php title eastern bank & oldid 743301392 categories banks based in massachusettsbanks established in 1818companies based in bostonmutual savings banks in the united states1818 establishments in massachusetts navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 9 october 2016 at 01 20 . text is available under the creative commons attribution sharealike license ; 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