East Boston Savings Bank held its first meeting of incorporation on October 4, 1848, 218 years after the Puritans first sailed into Boston Harbor. During that period before the Bank began, the area called Noddle’s Island had grown from pastures and woodland into a center of commerce highlighted by shipbuilding, carpentry, sugar-refining and iron foundries. Those early merchants and world-famous shipbuilders were the leaders in the formation of East Boston Savings Bank.
On January 17, 1849, the first official business day of the Bank, 57 people deposited $2,999.00 at the Bank’s Maverick Square Office. The next day, the Bank’s Board of Investment voted to purchase 15 shares of stock in the Merchant’s Bank of Boston and so began over 16 decades of growth, prosperity and prudent asset management for the merchants and residents of East Boston.
The modern history of East Boston is a story of immigrant waves. People from Ireland and Italy, Jewish peoples, South and Central Americans, Southeast Asians and people from the Arab world have made the neighborhood their home, making this community as vibrant and interesting as any in Boston.
East Boston Savings Bank is proud to have had the privilege of helping in the development of the Noddle’s Island community into a vital, successful part of the city and culture of Boston. Today our growing and robust bank continues to play a leading role.
Just as the families of East Boston have expanded out to the surrounding communities, the Bank has reached out to serve them. We remain deeply committed to East Boston with three branch locations, but we also operate a growing number of branches throughout Greater Boston.
On September 1, 1991, East Boston Savings Bank became a stock savings Bank and a wholly owned subsidiary of Meridian Mutual Holding Company, now known as Meridian Financial Services (MFS).
In 2006 MFS formed a mid-tier holding company called Meridian Interstate Bancorp (MIB). This company, to which ownership of EBSB was transferred, seeded a de novo Bank in southern New Hampshire with a substantial minority stake. This new bank, Hampshire First Bank, was a commercial, stock bank. It has since been acquired.
In 2007 the directors of MIB decided to pursue a partial mutual-to-stock conversion. The ownership of EBSB the Bank would remain with MIB, its mid-tier holding company, but the mid-tier itself would offer a minority stake in itself to the public, beginning with the Bank’s depositors. The remaining majority stake would still be owned by Meridian Financial Services. This offering was concluded in early 2008. The stock of MIB is listed on NASDAQ under the ticker symbol: EBSB.
During the summer of 2009 the Bank entered into a merger agreement with Mt. Washington Cooperative Bank (MWB) of South Boston. MWB, like EBSB, was founded in the 1800s. It presented a strong and respected brand in South Boston and its surrounding neighborhoods. Its business model as a customer-driven community bank matched EBSB’s very closely. The merger, consummated in January of 2010, brought MWB under the EBSB umbrella as a banking division of six branches, about $500mm in assets and 120 talented employees. In turn, EBSB, with its Mt. Washington division, became the largest community bank by assets based in Suffolk County.
East Boston Savings Bank is now a nearly $3 billion bank with twenty seven branches and over 450 employees. The bank offers a full range of consumer accounts, products and services plus commercial real estate lending and corporate banking services including C&I lending and cash management.