BOSTON, Jan. 30, 2006 – Eastern Bank today announced that Chairman and Chief Executive Officer Stanley J. Lukowski will retire Dec. 31, concluding a 30-year career that transformed Eastern from a three-branch bank with $180 million in assets to one with 72 locations and more than $6 billion in assets.

The Board of Directors announced that it intends to elect Richard E. Holbrook, Eastern’s President and Chief Operating Officer, to succeed Lukowski as Chairman and CEO effective Jan. 1, 2007.  The Board also approved the following appointments effective Feb. 1, 2006:

• Robert F. Rivers, formerly Executive Vice President at Commercial Federal Bank in Omaha, Neb., will be Vice Chairman and Chief Banking Officer.  The Board plans to appoint Rivers as bank President effective Jan. 1, 2007.  A native of Stoughton, Rivers will oversee the Commercial and Consumer Banking Divisions.
• Lloyd L. Hamm, Jr., now Executive Vice President for Operations, Technology and Treasury Services, has been promoted to Chief Administrative Officer, and will add the Human Resources Division and the Legal Department to his areas of responsibility.
• Carol C. McMullen, now Executive Vice President, has been promoted to President of Eastern Investment Advisors and assumes responsibility for the bank’s entire investment management business.
• K. Mark Primeau, now Executive Vice President for Consumer Banking, has been promoted to President of Consumer Banking, and will, in addition to his current responsibilities, play an increased role in representing the Bank in civic and business endeavors.

“We remain committed to our mission of serving our customers, our employees, and our communities,” said Lukowski, who turns 65 this year.  “We are confident that these changes will help Eastern Bank continue its growth and steady improvement in operating efficiency, while maintaining our superior service and profitability in this ever-changing banking environment.”

These appointments and promotions complete a transition that began five years ago, when Lukowski and the Board of Directors began to address the issue of management succession.  Holbrook, who joined the bank in 1996, was named President and Chief Operating Officer in January of 2001 and became a director in 2005.

“We intend to continue to grow and build upon the success that Stan Lukowski has directed since he joined the bank in 1976,” Holbrook said.  “With these changes we are poised to continue to satisfy the needs and expectations of our customers, employees and communities as a mutually owned financial services firm.”

Upon his retirement, Lukowski will continue to serve on the bank’s Board of Directors.

About Eastern Bank Corporation
Founded in 1818 and based in Boston, Eastern Bank is the largest independent, mutually owned commercial banking franchise in New England.  With more than $6 billion in assets and more than 70 branches stretching from Merrimack Valley to Cape Cod, Eastern offers superior service, convenience and a full range of financial products for consumers, businesses, investors, 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.