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Eastern Bank announces plans to open branch in downtown Lawrence

Office is first retail banking branch to open in city in more than two decades

LAWRENCE, Sept. 19, 2011 – Eastern Bank today announced plans to open the city’s first new retail banking office in 23 years, as it continues to expand its presence throughout the Merrimack Valley.

Located at 486 Essex Street in Lawrence, the new branch will open next month and, when it does, will be Eastern Bank’s 96th location.

“Eastern Bank is proud to be the first bank since 1988 to open a new branch in Lawrence and we look forward to helping the city’s residents and businesses prosper,” said Richard E. Holbrook, Eastern Bank’s chairman and CEO.  “Eastern Bank is new to Lawrence, but not Massachusetts.
“For nearly two centuries, we’ve helped people and businesses reach their goals, earning a reputation as a bank that cares about its customers, communities and employees.”

Four people will work full-time in the new office, which will be open weekdays and on Saturdays.  In addition, other employees from the bank’s commercial lending, wealth management and mortgage banking groups will occasionally work inside the 2,800-square-foot office.

With the new location, Eastern Bank hopes to build upon several recent accolades it has earned that underscore its commitment to customers and the community.

Eastern Bank earned “Highest Customer Satisfaction in Retail Banking in the New England Region, Two Years in a Row” in the J.D. Power and Associates 2010-2011 Retail Banking Satisfaction StudiesSM.”*

During that same two-year period, no other bank made more Small Business Administration (SBA) loans in Massachusetts.  For the second consecutive year in 2010, Eastern Bank was ranked as the No. 1 U.S. Small Business Administration (SBA) lender in Massachusetts.  Eastern was also named the No. 1 SBA lender in New England in 2010.

Eastern Bank has a long tradition of giving back to the communities it serves though charitable donations and employee volunteerism. 

Eastern Bank has donated, on average, more than 10 percent of its net income over the last 11 years to the Eastern Bank Charitable Foundation.  In 2010, the Charitable Foundation made $2.5 million in grants that supported close to 900 organizations.  Eastern Bank’s employees spend almost 11 hours per year volunteering and collectively log about 15,000 hours of community service every year.

About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $7.6 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod.  Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way.  Eastern Bank includes Eastern Wealth Management and Eastern Insurance. For more information, visit

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

*Eastern Bank received the highest numerical score among retail banks in the New England region in the proprietary J.D. Power and Associates 2010-2011 Retail Banking Satisfaction StudiesSM. 2011 study based on 51,260 total responses measuring 12 providers in the New England region (CT, MA, ME, NH, RI, VT) and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2011. Your experiences may vary. Visit