March 13, 2023
To our valued customers,
Eastern Bank has been serving the needs of our customers for over 200 years, in good times and hard times.
The last few days have certainly been challenging for the banking industry, with the failure of Silicon Valley Bank, which reverberated locally through former Boston Private customers, as well as Signature Bank. We are pleased by the actions taken by the banking regulators to ensure confidence in the industry, particularly the assurance that all impacted customers of the failed banks will be fully insured.
Here at Eastern, we are ready to help. We remain confident in the banking industry as well as our own position of strength, including:
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Our 200 year history of serving the banking needs of both consumers and businesses, while supporting our communities and leading during challenging times;
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Our well diversified customer base;
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Our strong capital position, which is well above regulatory requirements and was significantly bolstered by our 2020 IPO, which provides additional support in uncertain economic times;
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Our strong liquidity position comprised of diversified deposits, with strong sources of backup liquidity including unused borrowing capacity at the Federal Home Loan Bank and the Federal Reserve Bank.
Serving your banking needs with excellent customer service is always our top priority. Please reach out to your relationship manager, local branch team or our customer service team at 1-800-EASTERN (327-8376) if there is anything we can do to assist you.
As always, thank you for choosing Eastern and our team of 2,100 colleagues for your banking needs,
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Bob Rivers
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Quincy Miller
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