Eastern Bank Expands Foreign Exchange Business

BOSTON, April 10, 2006 – Eastern Bank announced today that it has acquired ICMX Ltd., a Chelsea, Massachusetts-based foreign exchange dealer, further expanding its international banking business.

With the transaction, Dick Willis, ICMX’s President, has joined Eastern’s International Banking group, which is lead by Jonathan Marcus, vice president and director of International Banking.

“I’m delighted to be joining Eastern,” Willis said. “Eastern’s reputation for serving businesses is second to none. It’s the only organization I’d feel comfortable entrusting the ICMX clients to. It will be a great benefit to our customers by making Eastern’s range of services available to them, while maintaining ICMX’s personal touch and competitive pricing.”

Willis and Chris Lyness, also of ICMX, join a team of seasoned international banking professionals, which Eastern has been steadily building over the last five years with the addition of Rosemary Russell, who had more than 20 years of international banking experience when she joined Eastern.

Marcus, who has 20 years of experience, was hired two years ago to build the foreign exchange business.  Prior to joining Eastern, Marcus worked at State Street Corp. in Boston, most recently as vice president of Global Trade Banking, where he developed and marketed multi-currency products and services.  In 2005, Marcus managed Eastern’s acquisition of the foreign exchange business of Worcester-based Commerce Bank, a transaction that included the hiring of Wayne Mathews as a trader.

“Dick Willis will be a great resource for us,” Marcus said.  “His foreign exchange experience, international finance expertise and customer focus will help us to better serve new and existing customers.”

Prior to founding ICMX in 1998, Willis held a number of positions in international trade and finance. He began his career at Citibank.

About Eastern Bank Corporation
Founded in 1818 and based in Boston, Eastern Bank is the largest independent, mutually owned commercial banking franchise in New England.  With $6.5 billion in assets and more than 70 branches stretching from Merrimack Valley to Cape Cod, Eastern offers superior service, convenience and a full range of financial products for consumers, businesses, investors, government agencies and not-for-profit organizations.  Its subsidiaries are 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.