Eastern Bank Opens New Branch In RoxburyJune 28, 2018
Community Comes Together For A Grand Opening Block Party To Celebrate The First Bank Branch Opening In Roxbury In More Than 20 Years
BOSTON, June 28, 2018 – Eastern Bank, America’s oldest and largest mutual bank, today announced the official opening of a new branch in Roxbury. This is the first new bank branch opening in Roxbury in more than 20 years. Eight percent of the city’s population lives in Roxbury yet only three percent of the city’s bank branches are located there. Last evening’s family-friendly grand opening celebration welcomed the community to the branch, and was also attended by Mayor Martin J. Walsh, City Council Members, and other political, civic and business leaders.
“In order to help address persistent income and wealth inequality, Eastern is committed to helping accelerate the growth of local enterprises and increase job opportunities and wealth creation in our neighborhoods. We believe that providing more access to banking services in communities that don’t have them is both ‘right’ and ‘smart’,” said Bob Rivers, Chair and CEO of Eastern Bank. “On behalf of the branch staff and entire Eastern team, thank you to everyone who joined us at last evening’s grand opening and for the warm welcome. We look forward to partnering together to give individuals and local businesses alike access to a full range of banking resources and help create new economic opportunity in the city.”
“I am proud to welcome Eastern Bank to the great neighborhood of Roxbury, and thank them for being a terrific community partner,” said Mayor Martin J. Walsh. “Last week, a report showed people of color in the U.S. pay more for banking. That is injustice, and Eastern Bank has made it clear they are committed to being part of the solution and I thank them for becoming part of this community in Roxbury.”
Eastern’s strategy acknowledges that a community bank’s success depends upon a vibrant and prosperous community. It creates community partnerships on multiple levels:
- Community development lending: Located at 1413 Tremont Street in Boston across from the Roxbury Crossing MBTA station, the branch is part of a new, five-story mixed use transit-oriented building featuring 40 affordable apartment residences as well as office and retail space. In addition to occupying the retail space, Eastern provided $9.6 million in financing to the project.
- Full-service banking: The new branch features full-service banking, offering advice and expertise on Consumer and Business Banking Services, Investment Solutions, and Personal and Commercial Insurance Needs. Within the 1,200 square foot space is a 24-hour ATM and two offices for loan closings and private consultations. Each staff member is trained as a Universal Banker to provide a full suite of banking services and assistance. One area of focus is small businesses. Eastern understands and values the vital role they play in strengthening communities and for the eighth consecutive year, is the #1 U.S. Small Business Administration (SBA) lender in New England, placing it among the top 12 SBA lenders nationally.
- Immersion in the community: Four Eastern employees work at the branch, and have bilingual English and Spanish language capabilities. The Branch Manager lives in Dorchester. Senior Vice President/Regional Manager Roxann Cooke went to high school two blocks away from the new branch and has spent many years working in the banking industry in Roxbury. Branch staff bring an understanding of the needs of the community and where Eastern’s efforts can best be directed in the community through its offerings, advocacy, and philanthropy.
- Community giving: Since its founding 200 years ago, Eastern has been focused on giving back not only by offering all people access to fairly priced financial products and services, but also through social justice and the pursuit of opportunity for all. Since 1999, Eastern has given 10 percent of its net income—seven times the national average—to charity each year. Specifically in Roxbury, since 2013 Eastern has donated more than $1.5 million to more than 70 nonprofit organizations providing basic food, clothing, shelter and workforce development needs in the community.
- Community resources: Financial literacy events and Bank at Work sessions for commercial customers are some of the resources branch staff offer to provide access to capital and information in the community.
“Regardless of where you work or live, we understand people and businesses have goals and dreams,” said Quincy Miller, Vice Chair and President of Eastern Bank. “We’re excited to offer a full spectrum of consumer and commercial banking products at the new Roxbury branch, and to deliver them with the highest quality customer service by our branch staff.”
The opening of the Roxbury branch follows other similar “firsts” where Eastern has opened in communities that need banking services rather than in areas that don’t. In 2017, Eastern opened a new branch in Revere and invested in a new branch location in Quincy; in 2011, Eastern was the first bank to open a new branch in Lawrence in 23 years; and in 2008, Eastern was the first bank to open a new branch in Chelsea in more than a decade.
Pictured at the June 27, 2018 block party and Roxbury branch opening celebration are: Eastern Bank Board Member Colette Phillips, Lead Director Deborah Jackson, District Representative Candace Sealey to US House of Representative Michael Capuano, Superintendent-In-Chief of the Boston Police Department William Gross, MBTA Transit Chief of Police Kenneth Green, Eastern Bank Senior Vice President and Regional Manager Roxann Cooke, Eastern Bank Chief Marketing and Communications Officer Paul Alexander, Eastern Bank Chair and CEO Bob Rivers, Eastern Bank Executive Vice President of Consumer Banking Barbara Heinemann, Boston City Councilor At-Large Ayanna Pressley, City of Boston Mayor Martin J. Walsh, Eastern Bank Vice Chair and President Quincy Miller, State Representative Chynah Tyler, State Representative Russell Holmes, State Representative Jeffrey Sanchez and his mother Maria Sanchez who is a Board Member of Mission Hill Neighborhood Housing Services, Suffolk County Sheriff Steven Tompkins, Metro Housing Boston Executive Director Christopher Norris, and Mission Hill Neighborhood Housing Services Executive Director Patricia Flaherty.
About Eastern Bank
Founded in 1818 and celebrating its 200th anniversary in 2018, Boston-based Eastern Bank is America’s oldest and largest mutual bank, with $11 billion in assets and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides exceptional access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. Eastern Bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support that has exceeded more than $110 million in charitable giving since 1999. An inclusive company, Eastern employs 1,900+ deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram.
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