New location is Eastern’s 47^th branch

BOSTON, Sept. 16, 2002 – Eastern Bank, a full-service commercial bank based in Boston, today announced the opening of a new office at 265 Franklin St. in the city’s Financial District – Eastern’s 47^th branch and its third in Boston.

Located at the corner of High and Oliver streets, the office is on the ground floor of the building that houses Eastern’s new corporate headquarters location. The branch will become the bank’s main office.

“This as another step toward expanding our retail presence in downtown Boston,” said Mark Primeau, Eastern’s executive vice president in charge of consumer banking. “We have about 200,000 retail customers, many of whom live on the North and South Shore, but work downtown. This new office enables us to better serve existing customers, while opening our doors in a new neighborhood and reaching out to customers who want the convenience of a large bank and the service quality typically found at community banks.”

Eastern launched a series of grand opening promotions today, offering prizes ranging from tickets to the theater or local sporting events, to an $800 gift certificate for Le Meridien Hotel in Boston. The bank also has special offers for new customers who sign up for checking accounts or CDs at either the new office or the branch located at 101 Federal St. in Boston.

Eastern moved its corporate headquarters from 53 State St. to 265 Franklin St. in June, signing a 15-year lease for 44,000-square-feet on two floors. Eastern has options to extend the lease for 10 more years and to acquire additional floors.

The new headquarters and branch expansion comes following several years of strong growth at Eastern. Since Jan. 1, 2000, Eastern’s assets have grown 48 percent to $4.2 billion, its commercial loan portfolio has grown 47 percent to almost $1.4 billion, and its consumer loans and residential mortgage portfolio has grown 21 percent to $1.5 billion. Eastern has also recorded 10 consecutive years of record earnings. In 2001, its net income was $36.1 million.

Founded in 1818, Eastern Bank is New England’s largest mutually-owned, independent commercial bank, with $4.2 billion in assets, $3 billion in commercial and consumer loans and 47 branches in Greater Boston. Eastern has a full line of consumer, commercial and investment banking products.

For more information, contact: Joe Bartolotta, Public Relations Director, Eastern Bank,
(781) 596-4411, or e-mail Joe Bartolotta.