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Eastern Bank was established on April 15, 1818, as Salem Savings Bank and became insured by the Federal Deposit Insurance Corporation on October 1, 1983. [5] On October 19, 1989, Eastern Savings Bank's parent company Lynn, Massachusetts-based Eastern Bank Corporation, renamed it Eastern Bank, and reorganized it into a mutual holding company, making it the first of its kind in Massachusetts.
East Boston Savings Bank was established in Maverick Square, East Boston in 1848 by some merchants and shipbuilders, as a result of the booming commerce in Boston. [7] [8]In 1991, East Boston Savings Bank became a wholly owned subsidiary of Meridian Mutual Holding Company, later known as Meridian Financial Services.
A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest.
Year merger closed Acquirer Acquired bank Merged entity Transaction value Ultimate successor 1900 [1]: North American Trust Company: International Banking and Trust Company
East Cambridge Savings Bank is a mutual savings bank in Massachusetts.Its branches serve communities north and west of Boston, Massachusetts.It was founded in 1854. The bank's Art Deco headquarters building at 292 Cambridge Street in East Cambridge, Massachusetts was built in 1931 to a design by T. M. James.
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