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Eastern Bank Corporation · Boston, MA United States

Company Description

265 Franklin St.
Boston, MA
02110
United States (Map)
Phone: 617-897-1008
Fax: 617-897-1105
Toll Free: 800-327-8376
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    Mutually owned Eastern Bank has more than 80 branches throughout Massachusetts. Founded in 1818, the bank offers retail and commercial banking products, including checking and savings accounts, investments, and credit cards. Its lending activities focus on commercial loans and leases, residential mortgages, and consumer loans. The bank also provides wealth management services and offers mutual funds and alternative investments through a third party provider. Insurance agency subsidiary Eastern Insurance offers personal and commercial coverage, group health and life insurance, employee benefit plans, and 401(k) administration through more than 25 locations. To read the full description, subscribe now.
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    Key Eastern Bank Corporation Financials

    Company TypePrivate - Mutual Company

    Headquarters
    Fiscal Year-EndDecember
    2008 Sales (mil.)$470.1
    2008 Employees1,613

    Eastern Bank Corporation Executives

    116 executives listed for Eastern Bank Corporation's Boston, MA location.
    TitleName & BioContact
    Chairman, President, and CEO; Chairman and CEO, Eastern Bank ManagementRichard HolbrookNetwork
    Vice ChairmanGerard BrandiNetwork
    CFO and Treasurer; CFO, Eastern Bank ManagementCharles JohnstonNetwork

    Competition

    Competitive Landscape for Eastern Bank Corporation
    Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.
    Top Eastern Bank Corporation Competitors
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