Eastern Bank Corporation · Boston, MA United States
Company Description
Phone: 617-897-1008
Fax: 617-897-1105
Toll Free: 800-327-8376
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This link will open in a new window 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 Type | Private - Mutual Company Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $470.1 |
| 2008 Employees | 1,613 |
Eastern Bank Corporation Executives
116 executives listed for Eastern Bank Corporation's Boston, MA location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO; Chairman and CEO, Eastern Bank Management | Richard Holbrook | Network |
| Vice Chairman | Gerard Brandi | Network |
| CFO and Treasurer; CFO, Eastern Bank Management | Charles Johnston | Network |
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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