BOSTON, Jan. 29, 2008 – Michael A. Maggiacomo, known in Boston banking circles as a professional with broad expertise in finance and specialized banking, joined Eastern Bank’s Commercial Banking Division as a director and senior vice president, the bank announced today.

Maggiacomo brings more than 14 years of experience to Eastern, which is focusing on expanding its healthcare and not-for-profit portfolio by restructuring its focus to a holistic approach to these segments’ banking needs.

“Our effort has been immediately successful because all the components were there—Eastern has all the capabilities for lending, cash management, capital markets, insurance and investments,” Maggiacomo said. “My job was really assembly and focus.  We excel in understanding how these specialized businesses manage risk and investments and how they borrow money.”

Maggiacomo manages Eastern’s specialized banking segments, including middle-market health care, institutional, educational and social service organizations. He also manages other specialty segments, including the private equity group, which includes boutique investment management firms, and private and mezzanine investment companies.

His team specializes in and coordinates a broad range of service needs, including commercial loans, credit enhancement on bond issues, cash management, trust, tax-exempt financing, mezzanine finance, new market tax credits and investment management services.

Since his arrival, Maggiacomo has helped develop the Bridge-to-HUD program with Eastern Mortgage Capital, the New Markets Tax Credit Program, and is working on a socially conscious investment fund.

Eastern is unique among New England banks as the only one to offer one-stop shopping for “bridge-to-HUD” financing.

“We’ve got the edge because we can lower transaction costs,” Maggiacomo said, “and we can also be very confident of outcomes with HUD because we have Federal Housing Authority originators in house.”

Prior to joining Eastern Bank, Maggiacomo spent 10 years at Citizens Bank, where he helped form Citizens’ Healthcare & Non-Profit specialty banking group. While at Citizens, he also helped establish tax-exempt bond pool programs with MassDevelopment and Massachusetts Health and Educational Facilities Authority (MHEFA).  Previously, he worked in Shawmut’s and Fleet Bank’s Metropolitan and Healthcare & Institutions Divisions.

His charitable involvement has included work with the Massachusetts Multiple Sclerosis Foundation, Peace of Mind Fund, and various local community organizations. He serves on the Board of Directors of Lasell College and Boston Senior Home Care. He was also a member of the Greater Boston Chamber of Commerce, where he was nominated to participate in the Emerging Leader Program in 2003—its inaugural year.

Maggiacomo graduated magna cum laude from Northeastern University, where he earned a Bachelor of Science degree in Business Administration, with a dual concentration in Finance and International Business.

He and his wife Cecile have three children and live in Newbury.

About Eastern Bank
Based in Boston, Eastern Bank is the largest independent, mutually owned commercial banking franchise in New England. With almost $7 billion in assets and 74 branches stretching from Merrimack Valley to Cape Cod, Eastern offers superior service, convenience and a full range of financial products for consumers, businesses, investment management clients, 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.