FALMOUTH, Mass., May 17, 2005 – The Eastern Bank Charitable Foundation today made donations totaling $2.2 million to 40 not-for-profit organizations across the South Shore, southeastern Massachusetts and Cape Cod.

The donations were made in honor of Eastern Bank’s merger with Plymouth Savings Bank, reflecting Eastern’s pledge to carry on Plymouth Savings’ commitment to the communities within its marketplace.

“Eastern has long believed that we are an asset of the communities we serve and we are committed to their well being,” said Stanley J. Lukowski, chairman and CEO of Eastern.  “These donations pay tribute to Plymouth Savings Bank and its many years of service to the community, while also demonstrating that Eastern’s commitment to these communities will not waver as we enter the region.”

The 40 organizations that received gifts were recommended by Plymouth Savings Bank’s Executive Committee, based upon each organization’s important contributions to the community.  The donations range from $25,000 to $150,000, and include $700,000 for healthcare, $650,000 for libraries, $350,000 for preservation, $300,000 for social services and $100,000 for affordable housing.

“We are proud to support these organizations and we encourage other businesses to join us in supporting local not-for-profit organizations,” said Richard E. Holbrook, president of Eastern.  “Both directly and indirectly, businesses like Eastern receive much from the communities around them.  Safe neighborhoods, well-stocked libraries, places for employees’ families to live and play – all help to contribute to a quality of life that allow businesses to prosper.  Though these donations are described as gifts, they are really an investment in everyone’s future.”

Eastern Bank Corporation and Plymouth Bancorp, Inc. merged effective Jan. 1, 2005, creating the state’s premier independent banking franchise with 73 branches and 1,800 employees serving 350,000 customers from Merrimack Valley to Cape Cod. 

Founded 20 years ago, the Eastern Bank Charitable Foundation had assets of $34.5 million as of December 31, 2004.  It is funded solely by Eastern Bank, which for the last several years has contributed 10 percent of its net income to the Foundation.  In 2005, the Foundation is expected to donate almost $4 million to hundreds of not-for-profit organizations across eastern Massachusetts.

The 40 organizations receiving $2.2 million in donations will be honored this evening during an event at the Coonamessett Inn in Falmouth.  About 300 people are expected to attend the event.

The recipients are:

Boys & Girls Club of Cape Cod, Mashpee, $50,000
Boys & Girls Club of Plymouth, Plymouth, $50,000
Cape Cod Children’s Museum, Mashpee, $25,000
Cape Cod Community College Education Foundation, West Barnstable, $50,000
Cape Cod Free Clinic and Community Health Center, Falmouth, $100,000
Cape Cod Healthcare Foundation for Falmouth Hospital, $150,000
Cape Cod Healthcare/Visiting Nurse Association Home Monitoring Campaign, Hyannis, $100,000
Carver Public Library, $25,000
Cranberry Research Foundation, $25,000
Duxbury Free Library, $100,000
Elizabeth Taber Library, Marion, $25,000
Falmouth Public Library, $100,000
Habitat for Humanity of Cape Cod, West Yarmouth, $50,000\
Habitat for Humanity of Greater Plymouth, Carver, $50,000
Heritage Museums & Gardens, Sandwich, $25,000
Hospice & Palliative Care of Cape Cod, Hyannis, $25,000
Jonathan Bourne Public Library, $25,000
Jordan Hospital, Plymouth, $125,000
Kelley Foundation, Hyannis, $100,000
Kingston Public Library, $25,000
Lakeville Free Public Library, $100,000
Marstons Mills Public Library, $25,000
Mashpee Public Library, $25,000
Mattapoisett Public Library, $25,000
Middleborough Public Library, $25,000
Middleborough Veterans’ Memorial Park Trust, $50,000
Morton Hospital and Medical Center, $100,000
Old Colony YMCA - Middleborough Division, $50,000
Pilgrim Hall Museum, Plymouth, $125,000
Plymouth Public Library, $25,000
Raynham Public Library, $25,000
Sandwich Conservation Trust, $25,000
Sandwich Free Public Library, $25,000
Taunton Public Library, $25,000
The 300 Committee, Falmouth, $100,000
Tobey Hospital, Wareham, $100,000
Town of Lakeville Clear Pond Park Project, $25,000
Wareham Free Library, $25,000
West Falmouth Library, $25,000
Woods Hole Community Foundation, $50,000

About Eastern Bank Corporation
Based in Boston, Eastern Bank Corporation is the holding company for the largest independent, mutually owned commercial banking franchise in New England.  With more than $6 billion in assets and 73 branches in eastern Massachusetts, Eastern offers a full range of financial products for consumers, businesses, investors, government agencies and not-for-profit organizations.  Its subsidiaries are Eastern Bank, Plymouth Savings Bank, Eastern Insurance, and Fantini & Gorga, a real estate advisory firm. 

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