Ratings reflects Eastern’s commitment to customer and community service

BOSTON, Mass., April 15, 2002 – Eastern Bank received “outstanding” Community Reinvestment Act (CRA) ratings from the Federal Deposit Insurance Corp. and the Massachusetts Division of Banks, Eastern announced today.

The examinations assessed the bank’s record of meeting the credit needs of the communities it served, including low- and moderate-income neighborhoods. Of the 491 banks examined by the FDIC in 2001, only 6.9 percent were rated outstanding.

“We’re extremely pleased with the findings of the FDIC and the Division of Banks,” said Mark Primeau, an executive vice president at Eastern. “Eastern is committed to meeting the needs of every neighborhood it serves and these examinations prove it.”

Eastern was rated “outstanding” in each of the three examination categories used by the FDIC: lending, investment and service. In its 45-page report, the FDIC stated:

• “Eastern Bank is a leader in community development lending … Management is commended for demonstrating excellent performance in the area of community development lending.”
• “Eastern Bank’s residential and small business lending activity reflects a very good level of responsiveness to assessment area credit needs … A substantial majority of the bank’s small business loans – 81 percent by number and 71 percent by dollar volume – were originated within the assessment area during the evaluation period, demonstrating Eastern Bank’s strong level of responsiveness to small business credit needs.”
• “Eastern Bank demonstrates an established record of utilizing innovative and flexible lending practices to address the credit needs of low- and moderate-income borrowers and small business customers.”

Eastern Bank is a $4 billion full-service commercial bank with 45 offices in Greater Boston. Eastern’s lines of business include consumer banking, corporate lending, capital markets, small business banking, cash management, equipment leasing, private banking, trust and investment management, mortgage banking, and consumer finance.

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