The Departments at Eastern
Central Settlement
Central Settlement balances 200 plus general ledger and internal demand deposit accounts. The department also proves daily activity processed by Metavante for Deposit, Loan, ATM and other applications. Central Settlement balances the daily activity processed on the Fiserv Auto Lease System as well. The department is responsible for investing (buying/selling) mutual finds for Eastern’s Private Banking Clients.
Consumer Finance
Consumer Lending receives and processes consumer loan requests submitted by our retail branches and call center, as well as external correspondent relationships. Consumer Lending also coordinates documentation preparation and closings in conjunction with our equity line and loan products.
Auto Finance receives and processes automobile loan and lease requests from over 400 auto dealers throughout Massachusetts, New Hampshire, and Rhode Island. Auto Finance processes over 6,000 applications per month and generates over $400 million in new loans, annually.
Collections
Collections’ objective is to maintain the lowest level of delinquency and to minimize credit losses on our consumer loan and mortgage portfolios. Collection representatives contact past due loan customers by mail and telephone in an effort to workout repayment plans. When these efforts fail, they handle repossessions and foreclosures to protect the bank’s interest.
Corporate Sales
Promotes and coordinates initiatives concerning sales management, training, incentive compensation, and reporting. This department coordinates sales-related events, such as Eastern Bank’s annual Stanley Awards, a celebration of sales and service accomplishment. Additionally, the Corporate Sales Department administers the EXCEL Incentive Program for all employees.
Customer Service Center
The Customer Service Center is the centralized point of contact for both internal and external customers of Eastern Bank. It is comprised of three integrated teams.
- The Corporate Call Center is responsible for all external customer calls into our 1-800-EASTERN number and consists of three specialist sub-teams; the Online Banking Team, the Consumer Finance Team and the Generalist Team.
- The Internal Service Team is responsible for inquiries from internal customers and responds to operational questions on a broad range of subjects.
- The Satisfaction Team contacts external customers with resolutions and also serves as a proactive team surveying our customers.
This structure provides a number of career paths to choose from and also gives you the opportunity to earn credentials in many specialized product areas. Daily activities are diverse and include research, issue resolution, product sales and support, providing basic information such as account balances and executing transactions such as funds transfers. Communication with customers is via phone and email.
Data Center
The computer operations portion of the Data Center is staffed 24 hours per day, Monday through Friday. The focal point of the department is to manage numerous electronic files both, in and out of the bank daily. These files are used to produce customer image statements, customer invoices and notices, and for updating customer account information. They also operate and manage computer systems that produce a variety of information used by bank employees to do their daily jobs.
Deposit Operations
Deposit Operations consists of the following departments: DDA Deposits, Time Investments and Wires. DDA Deposits handles exception item processing – those items which could not be processed in the normal course of business or requires special handling. Time Investments handles Retirement Account processing, CD (Certificates of Deposit) processing, Bank by Mail and Bonds Sold Reporting and a number of regulatory processes. Wires handles incoming and outgoing wires (domestic and foreign) as well as foreign drafts. In addition to processing the numerous Trust wires, it handles 400 – 500 wires for other customers on a daily basis.
Finance
Finance consists of three elements. Accounting Operations processes General Ledger, Accounts Payable, Fixed Assets, Reconciliations, Tax Remittance, and Miscellaneous Reporting. Financial Reporting generates Monthly Reports to Board of Directors and Management, Quarterly Trustees Report, Income Taxes, Accounting for Subsidiaries, Regulatory Reporting, and Implementation of New Accounting Rules and Regulations. Management Accounting provides strategic information for the organization such as profitability of our business lines, products and customers. Management accounting also manages the annual business plan and budget process for the corporation. In addition, they manage the liquidity of the corporation and provide balance sheet analysis for the asset/liability committee.
General Services
General Services is comprised of several smaller groups responsible for the day to day functions of the bank. The Facilities Group is responsible for the management and maintenance of all buildings owned by Eastern Bank. The Purchasing Department is responsible for the procurement of office furniture, office supplies, nameplates, and business cards. The Statement/Print Services Group is responsible for the printing of all customer correspondence, including statements, notices, and payment documents, and the preparation of these items for mailing. The Mail Services Group is responsible for all incoming and outgoing mail, overnight mail, shipping and receiving, and our records retention program. 334,820 pieces last month!
Government Banking
The Government Banking Department is the primary contact for over 100 cities, towns, water and school districts, redevelopment authorities, district courts and other government entities in the Commonwealth of Massachusetts. They hold approximately $200,000,000.00 in municipal deposits, and they manage all aspects of their customers’ banking needs, from opening accounts to providing advice on available investment options
Human Resources
The Human Resources Division is a support function for Eastern Bank. The Division facilitates and enhances the Bank’s overall ability to recruit, develop, reward and retain a diverse team of employees that are prepared and motivated to accomplish the objectives and goals of the Bank. The Human Resources Division provides quality service to all employees and managers and is responsible for Benefits Administration, Compensation, Employee Relations, Employment, Payroll and Training & Development.
Marketing
The Marketing Department is responsible for advertising and direct mail, promotional programs, product brochures, brand development programs, market research initiatives, marketing database management and product development activities.
Mortgage Department
The mission of the Eastern Bank’s Mortgage Banking Division is to provide mortgage money loans to borrowers for the purchase, refinance, or construction of one to four family, residential properties. The division provides mortgage loans for both owner occupied and investment residential properties. The division has averaged 343 million dollars in mortgage loan volume for the past three years. This makes Eastern Bank one of the larger mortgage lenders in our market area. The primary market is Eastern Massachusetts and Rhode Island ; however, loans are made throughout New England.
Proof & Transit
The Proof & Transit area processes and balances all the over the counter customer transactions for the entire bank. We generate cash letters for investment purposes and process data files to our host, Metavante, for updating customer accounts.
Public Relations
The Public Relations and Corporate Communications Department issues press releases and handles media inquiries, produces newsletters and other internal communications, and oversees the Bank’s involvement in sponsorships.
Research
The Research Department handles all requests for information including copies of account information to customers and interbank personnel. They resolve errors on accounts and processing errors on items received from and sent to other banks. Account records are gathered for Subpoenas for legal proceedings, IRS investigations, Grand Jury investigations and other legal and government agencies.
Retail Administration
The Retail Administration Department is a direct support for Eastern Bank’s Retail network which consists of 47 full service branches and 55 ATM machines. Some of the primary functions of the department include sales & service tracking, establishing branch policies and procedures, performing operational compliance review, and coin and currency management. Retail Administration also serves as the central communication point for branches and supporting/answering questions that arise.
Technology
The Technology Service Center is the first point of contact into Technology. We assist bank employees working through issues with their desktop computers, telephones, software and other equipment repairs. We answer approximately 2,000 calls per month through our HelpDesk telephone system. We either provide the customer with a resolution within our group, or we obtain resources from other groups to assist them. The Management Information Systems department within the Technology Division is responsible for all the software solutions that support the enterprise. We currently support and manage close to 200 software applications for the business line and support areas of the bank. Our objective is to identify solutions that can help meet business objectives along with keeping those solutions current, providing customization when necessary and managing the vendor relationship.
Treasury Services
The Treasury Group is responsible for all corporate and municipal cash management services such as Information Reporting, Sweep Investment, Sweep to Line of Credit, ACH Origination, Lockbox, Account Reconciliation, Account Analysis and TreasuryConnect - our new business Internet banking product. International Banking is responsible for Letters of Credit, Documentary Collections and Foreign Exchange services. The Treasury Client Support group is responsible for the implementation of all cash management services.
