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Eastern Bank Announces Senior Management Promotions
Five senior vice presidents elevated to executive vice president
 
BOSTON, June 30, 2008 – Eastern Bank’s Board of Directors has approved the promotion of five senior vice presidents to executive vice president effective July 1, the bank announced today.

The following executives were promoted:

Barbara J. Heinemann, Operations and Technology; lives in Reading
Cynthia C. Merkle, Compliance and Customer Service; lives in Swampscott
Joseph F. Riley, Retail and Business Banking; lives in Peabody
Nancy H. Stager, Human Resources; lives in Reading
Daniel J. Sullivan, Chief Credit Officer; lives in Reading

“Over the years, Eastern Bank has steadily grown in size and complexity, as we have worked to become the best bank for our clients, the best organization for our colleagues and the best citizen in our communities,” said Richard E. Holbrook, Eastern’s chairman and CEO.

“Each of these individuals has risen to the many challenges we faced along the way and taken on greater responsibility for the success of the organization,” Holbrook said.  “As such, we wanted to recognize their contributions and provide a title that more accurately reflects their importance to the organization.”

Heinemann is responsible for Operations, Facilities and General Services, Security, Technology Engineering and Operations, Management Information Systems and eSolutions.  Prior to joining Eastern Bank in 2001, Heinemann served as senior vice president of Technology & Operations at Cambridgeport Bank. She began her banking career in 1982.

Merkle is responsible for Customer Service, including the Corporate Call Center, and the Compliance and Operational Risk Department.  Merkle joined Eastern in 1992 as head of Mortgage Banking, steadily taking on new duties and challenges during her 16 years at the bank.  Prior to Eastern, she was a group vice president at Fleet Bank in Providence.

Riley leads Eastern’s Retail Banking group, overseeing all aspects of sales, service and operations in its branches. Riley also manages the Business Banking group, which provides sales and service to business customers across the bank.  He has more than 25 years in the banking. Prior to joining Eastern in 1994, he served as vice president/district manager for Fleet.

Stager leads Human Resources at Eastern, where she directs activities in staffing, employee relations, compensation, benefits, and payroll, as well as training and development. Stager is also the senior officer in charge of the Eastern Bank Charitable Foundation. She has more than 25 years of experience in human resources. She joined Eastern in 1995.

Sullivan oversees Commercial Credit, Credit Risk Review, Commercial Operations, Credit Training, and Managed Assets for Eastern.  Sullivan also serves as chair of Credit Policy and Credit Committee.  Before joining Eastern in 1996, he was a vice president at Shawmut Bank, where he had experience in loan workout and as a commercial relationship manager.

About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent, mutually owned commercial banking franchise in New England.  With almost $7 billion in assets and 73 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 include Eastern Insurance and Fantini & Gorga, a real estate advisory firm.

For more information, contact: Andrew Ravens, Public Relations, Eastern Bank,(781) 598-8528, or e-mail Andrew Ravens.