BOSTON, Mass., April 14, 2004 – Eastern Bank has added Free Business Checking to its list of products and services for commercial customers, enhancing its reputation as a leader in customer service and value.

Free Business Checking has no minimum balance requirement and allows customers up to 100 free transactions each month.  The account includes free online banking and bill pay, and recent cancelled checks can be viewed online for free.

Free Business Checking is aimed at small business customers and not-for-profit organizations that have a limited number of transactions and don’t want the worries of maintaining a minimum balance to avoid fees.

“Free Business Checking is really a partnership between Eastern and the small businesses and not-for-profit organizations we serve,” said Gary Coltin, Eastern’s senior vice president for Retail Banking.  “We want to help these customers succeed and grow.”

The Free Business Checking campaign uses the slogan “This is our territory,” which underscores Eastern’s local roots, while promoting Eastern’s commitment to providing value to commercial, investment management and retail banking customers.  Free Business Checking follows Free Checking for consumers, which has attracted more than 50,000 new accounts since its launch in June 2000.

Based in Boston, Eastern Bank is the largest independent, mutually owned commercial bank in New England.  With $4.7 billion in assets and 52 branches in Greater Boston, Eastern offers a full range of financial products for consumers, businesses, investors, government agencies and non-profit organizations. Its wholly owned subsidiaries are Eastern Insurance, one of New England’s largest insurers, and Fantini & Gorga/iCap Realty Advisors, a real estate advisory firm.

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