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Allied American Changes Name to Eastern Insurance Eastern Bank co-brands subsidiary to enhance marketing opportunities BOSTON, Mass., Oct. 1, 2003 – Allied American Insurance Agency, a wholly-owned subsidiary of Eastern Bank, is changing its name effective today to Eastern Insurance Group, LLC. The change is intended to create new synergies between the bank and its insurance agency through advertising, promotions and other marketing efforts under a single brand name: Eastern. “This change will make the market more aware of the depth and diversity of the products we offer,” said Mark Primeau, Eastern’s executive vice president of consumer banking and chairman of the insurance agency. “Not only are we a major bank serving Greater Boston. We offer a full range of financial services, including asset management through Eastern Investment Advisors and insurance services through Eastern Insurance.” Headquartered in Natick, Eastern Insurance is one of New England’s largest insurance agencies, with 75,000 customers and $180 million in annual premiums. It was acquired Dec. 31, 2002 by Eastern and operates as a subsidiary of Eastern Bank. The company’s new web site is www.easterninsurance.com. The bank and the insurance agency will continue to operate separately. However, the money spent promoting Eastern’s name through advertising and public relations will now benefit Eastern Insurance. “We feel that co-branding the bank and the insurance agency will make it clearer in the minds of prospects and customers that Eastern offers a full-range of financial services,” said Hope Aldrich, president and CEO of Eastern Insurance. “That co-branding will help us offer each other’s products more effectively.” The insurance agency’s customers were notified of the name change in a letter mailed late last month. There are no other changes planned for the agency’s 18 Massachusetts locations or its nearly 250 employees. Based in Boston, Eastern Bank is the largest independent, mutually owned commercial bank in New England. With $4.5 billion in assets and 50 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 |
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