BOSTON, Mass., Jan. 14, 2002 – Eastern Bank, a full-service commercial bank based in Boston, today announced the appointment of Stephen J. MacQuarrie as a senior vice president.

With over 20 years experience in financial services, MacQuarrie oversees all non-credit commercial banking services, including treasury services, international banking and government banking.

“Steve is an excellent addition to our team,” said Lloyd Hamm, an executive vice president and chief information officer at Eastern. “His cash management knowledge, coupled with his years running high tech and financial services companies, gives him the breadth of experience to serve commercial customers and government agencies.

“We are all very excited with the opportunities that exist to serve businesses and government customers throughout our market, and we are confident that with Steve’s leadership and experience we will be successful at bringing Eastern’s extensive array of quality products and market leading service to many existing and new customers in the near future,” Hamm added.

MacQuarrie previously worked at Bank of Boston where his career included stints running its cash management, corporate trust and stock transfer businesses. He later served as President of Boston EquiServe, a shareholder recordkeeping joint venture between Bank of Boston and Boston Financial Data Services, and as CEO of Internet Broadcasting Company, a software company providing Internet delivery of financial documents. Prior to joining Eastern, he was a Partner at Monadnock Associates, a consulting firm for start-up companies in Watertown.

MacQuarrie earned his bachelor’s degree at Brown University. He lives in Wellesley with his family.

Eastern Bank is a $4 billion full-service banking company with 46 offices in Greater Boston. Eastern’s business lines include consumer banking, corporate lending, capital markets, small business banking, treasury services, equipment leasing, private banking, trust and investment management, mortgage banking and consumer finance.

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