East Boston Savings Bank
| Company type | Stock savings bank |
|---|---|
| Industry | Banking |
| Founded | 1848 |
| Fate | Acquired by Rockland Trust Company |
| Headquarters | East Boston, Massachusetts , United States |
| Parent | Meridian Bancorp, Inc. (until 2021) |
East Boston Savings Bank was a stock savings bank chartered in Massachusetts and established in 1848. It provided a diverse selection of deposit and lending services through its banking operations.
On April 22, 2021, Rockland Trust revealed its plan to acquire the bank, with the acquisition finalized on November 12, 2021.
History
Established in 1848 in Maverick Square, East Boston, East Boston Savings Bank was created by local merchants and shipbuilders during a period of commercial expansion in Boston.
In 1991, the bank became a fully owned subsidiary under Meridian Mutual Holding Company, which later rebranded as Meridian Financial Services. By 2006, control shifted to Meridian Interstate Bancorp, a holding company formed by Meridian.
The year 2009 saw the merger of Meridian Interstate with Mt. Washington Cooperative Bank from South Boston; this entity now functions as a division within East Boston Savings Bank.
Meridian Interstate Bancorp executed a second-step stock conversion in July 2014, resulting in the dissolution of its parent company MFS and the formation of Meridian Bancorp, Inc.
In May 2020, East Boston Savings Bank collaborated with area restaurants in East Boston, South Boston, Dorchester, and Revere to distribute more than 1,300 meals.
By July 2020, the bank had launched new branches in Salem and Woburn, with intentions to open an additional location in Brookline later that summer.
In April 2021, Independent Bank Corp. and Meridian Bancorp, Inc. entered into a merger agreement under which Rockland Trust Company would acquire East Boston Savings Bank.