Eastern Bank unveils new package of products for legal and accounting firms
"Professionals Select" targets firms that are dissatisfied with larger banks 

BOSTON, Mass., Sept. 27, 2004 – Eastern Bank today announced a new suite of services – including free business checking, free online banking, discounted payroll service and prime minus 1 percent on business lines of credit – designed for the complex needs of legal and accounting firms.

Known as Professionals Select, the program pairs free business checking and other existing products with new offers, such as the prime minus 1 percent rate on business lines of credit up to $100,000.

Professionals Select also extends special consumer products to the firms' employees, including free checking and online banking with bill payment, and a $200 discount on mortgage closing costs.

The new program is open to all legal and accounting firms.  In its marketing campaign now underway, Eastern is targeting firms with 25 or fewer employees, particularly those that are dissatisfied with the attention and service they receive from larger banks in the region.

"Many small and mid-size firms would prefer to work with a commercial bank that is headquartered in Boston and has a reputation for taking care of every customer, not just its largest customers," said Joseph Riley, senior vice president for Small Business Banking and Corporate Sales.

"With recent bank mergers, we believe these firms are re-evaluating their banking relationships," Riley said.  "We believe our offer will give them reason to consider banking with Eastern."

Eastern's objective with Professionals Select is to meet the specific needs of industries that it serves, including attorneys and CPAs, Riley said.  Professionals Select is designed as a go-to resource for busy firms, providing all the tools and resources they need.

"We'll take care of these needs, so they can take care of business," Riley said.

Professionals Select includes the following products and services:

• Professionals Select Checking with free online banking and bill payment, and a debit MasterCard BusinessCard® (The account has no monthly maintenance fee, no items fees for checks or deposits, and no minimum balance requirements)
• $100 credit toward the purchase of new business checks ordered through Eastern
• Escrow Express service to facilitate client funds account management
• Special rate of prime minus 1 percent on business lines of credit up to $100,000
• Discounted payroll service; some firms may be eligible for free payroll service
• Dedicated support of a relationship manager to coordinate a firm's complete banking needs, complimentary risk assessment with professionals at Eastern Insurance Group, and complementary investment consultation with a professional from Eastern Investment Advisors

Based in Boston, Eastern Bank is the largest independent, mutually owned commercial bank in New England.  With $5.1 billion in assets and 53 branches in Greater Boston, Eastern offers a full range of financial products for consumers, businesses, investors, government agencies and not-for-profit organizations. Its wholly owned subsidiaries are Eastern Insurance, one of New England's largest insurers, 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.