BOSTON, Jan. 31, 2005 – Eastern Bank has acquired the foreign exchange business of Worcester-based Commerce Bank & Trust Co., further expanding its international banking business, Eastern announced today.

With the transaction, Wayne Mathews, one of Commerce’s foreign exchange specialists, has joined Eastern’s International Banking group, which is lead by Jonathan Marcus, vice president and director of International Banking.

“Commerce had about 50 customers using its foreign exchange services,” said Stephen MacQuarrie, senior vice president for Corporate and Government Services at Eastern Bank.  “We believe our foreign exchange expertise, competitive rates and personal service provide a strong platform for retaining these customers.”

Mathews joins a team of seasoned professionals in the areas of international banking and foreign exchange, which Eastern has been steadily building over the last four years.  It started in 2001 with the appointment of Rosemary Russell as vice president of International Banking.  Russell has 25 years of experience. Prior to joining Eastern, she worked at Fleet Bank, most recently as a vice president of International Trade.

Marcus, with 20 years of experience, was hired two years ago to lead the foreign exchange operations.  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.

Mathews has 10 years of experience in foreign exchange.  Prior to joining Commerce, Mathews worked in the International Banking and Foreign Exchange divisions at both Fleet and BayBank.

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 $6.4 billion in assets as of Dec. 31, 2004 and 73 branches in Greater Boston, 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.