Eastern Bank-Needham Bank Transaction Notice

February 9, 2022


Division of Banks

NEEDHAM BANK, Needham, Massachusetts has petitioned the Commissioner of Banks for approval to purchase certain assets and assume certain liabilities of EASTERN BANK, Boston, Massachusetts. Under the terms of a Purchase and Assumption Agreement, NEEDHAM BANK will acquire certain assets and assume certain liabilities which relate primarily to the deposits of cannabis-related business and money service business customers of EASTERN BANK. In connection with that purchase and assumption transaction, NEEDHAM BANK has notified the Division of Banks that NEEDHAM BANK intends to establish a branch office at 400 Mystic Avenue, Medford, Massachusetts.

Any objections or comments relative to this purchase and assumption application must be communicated in writing to the Commissioner of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400 or via electronic mail to [email protected] no later than February 22, 2022. A public hearing may be held if the response is considered significant or circumstances warrant such a hearing, as determined by the Commissioner. The application and all communications relative to this application are available from the Division of Banks by request at [email protected].

Commissioner of Banks


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