Eastern Bank successfully completes merger with The Community Bank
BOSTON, Dec. 3, 2012 – Eastern Bank successfully completed its merger with The Community Bank over the weekend, Eastern announced today.
Eastern Bank converted more than 16,000 former Community Bank customer accounts to Eastern and changed signs, fixtures and computer systems in five branches in southeastern Massachusetts and Cape Cod. The merger gives Eastern 99 branch locations and 128 ATMs across eastern Massachusetts.
“We’re pleased to welcome our new customers to Eastern Bank,” said Richard E. Holbrook, chairman and CEO of Eastern Bank. “They have gained a partner in the community, an expanded network of branches and ATMs, and major new conveniences such as mobile check deposits.”
A mutually owned bank founded in 1818, Boston-based Eastern Bank is among the most successful and sound banks in New England, which made it an attractive partner for The Community Bank, which was headquartered in Brockton.
Last week, state and federal regulators approved merging The Community Bank into Eastern Bank. The Corporators of both banks and their holding companies, Eastern Bank Corporation and Campello Bancorp, unanimously approved of the merger in two separate meetings held in October. On July 27, 2012, Eastern announced plans to merge with The Community Bank.
Goodwin Procter LLP served as legal counsel to Eastern Bank and K & L Gates LLP served as legal counsel to The Community Bank. Financial advisors were not used, since Eastern Bank is a mutual bank and The Community Bank is a cooperative bank, and no premium was paid.
This is the fifth time in the past 30 years that Eastern has merged with another mutual organization in Massachusetts. The last was Sharon Co-operative Bank in 2007, which was preceded by Plymouth Savings Bank in 2005.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $8 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 www.easternbank.com, www.facebook.com/easternbank and www.twitter.com/easternbank.
For more information, contact: Andrew Ravens, Public Relations, Eastern Bank, 781-598-8528, or e-mail Andrew Ravens.