BOSTON, Mass., March 15, 2004 – Eastern Bank is now offering new customers up to $100 each when they open a free checking account – including a $50 bonus when they close an account at another bank, Eastern announced today.

The offer also includes a free companion airline ticket certificate for every new customer who opens a free checking account.  The promotion will be launched tomorrow in a print and radio advertising campaign across Greater Boston.

“Since we began offering free checking four years ago, we’ve opened more than 50,000 of these accounts,” said Mark Primeau, executive vice president of consumer banking at Eastern.

“With other banks now offering similar accounts, we decided to take our free checking offer one step further by giving new customers $50 when they close an account at another bank,” Primeau said.  “In fact, we can close the account for them when they sign up for free checking at Eastern.”

Eastern’s free checking program includes no minimum monthly balance and unlimited check writing.  It also comes with free online banking and a free debit card.  It does not require direct deposit.  And Eastern does not charge customers a fee for using their debit cards for store purchases.

Under the promotion being launched tomorrow, Eastern is offering every new free checking customer:

• $50 upon opening a free checking account and signing up for direct deposit;
• $50 upon closing an old account at another bank using Eastern’s “Checking Switch Kit,” which was developed last year to help customers change banks, and;
• A companion airline ticket certificate valid for up to 12 months.  The certificate enables the customer to buy one adult round-trip, coach-class airline ticket between Boston and more than 100 cities in the continental United States at the fare stated on the form.  Every customer will then receive a second ticket on the same flight for free.

“This is clearly the best offer in the market and demonstrates our determination to attract dissatisfied customers away from either larger banks or those going through mergers,” Primeau said.  “Not only does it come with up to $100 and a free companion airline ticket certificate, but the new customers will also benefit from Eastern’s long-standing and well-documented commitment to superior service.”

The free checking advertising campaign uses the slogan “This is our territory,” which underscores Eastern’s local roots in a market saturated by out-of-state and European banks, while promoting Eastern’s areas of expertise: commercial lending, investment management and retail banking.

Based in Boston, Eastern Bank is the largest independent, mutually owned commercial bank in New England.  With $4.7 billion in assets and 51 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.