BOSTON, Oct. 10, 2002 – Eastern Bank, a full-service commercial bank based in Boston, today announced the grand opening of its new corporate headquarters at 265 Franklin St.

Eastern has doubled the size of its Boston-based staff over the last two years, largely in the areas of commercial banking, capital markets and investment management, and expects to add additional staff with the larger headquarters in the Financial District.

“Eastern is more than holding its own in what has been a difficult economy for many in the financial services industry,” said Stanley J. Lukowski, Eastern’s chairman and chief executive officer. “While other firms are scaling back, we are growing.”

Eastern occupies about 46,000-square-feet on three adjacent floors in the building, with options to extend the 15-year lease for 10 years and to acquire additional floors in the building. The majority of the employees work in the commercial banking and investment management areas. The new headquarters also boasts a new banking office – Eastern’s 47th branch and its third in Boston.

“This new headquarters will enhance our growth opportunities, particularly in the areas of commercial banking and investment management,” said Richard E. Holbrook, Eastern’s president and chief operating officer.

Eastern held a grand opening ceremony last night, inviting several hundred guests to the event. Mayor Thomas Menino joined the celebration, cutting the ribbon to the new corporate headquarters location.

Eastern had been headquartered at 53 State St. in Boston prior to the move. The new headquarters comes following several years of strong growth at Eastern. Since Jan. 1, 2000, Eastern’s assets have grown 50 percent to $4.3 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 and expects to record its 11th straight year of record earnings when the fiscal year ends Dec. 31.

Founded in 1818, Eastern Bank is New England’s largest mutually-owned, independent commercial bank, with $4.3 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.