EBSB Reports Substantial Profit Gains for Half Year

The East Boston Savings Bank has once gain reported major earnings gains during the quarter ended June 30.

The bank reported making more than $1 million more than it did during the same period last year.

In addition, for the first half of 2011, the earnings are up more than $1.3 million for the same period the year before.

“I am pleased to report the continued strength in our financial results,” said EBSB CEO Richard Gavegnano. “We have made great efforts to increase our market share . We have added branches in key locations in Revere, in West Roxbury and in the South End of Boston. And we have established a new commercial and industrial lending division. This will enhance our presence in all our market areas and add strength to our expanding business platform,” he added.

The bank’s total assets increased $88.1 million to nearly $2 billion and cash equivalents increased by $71.3 million to $226.8 million.

Total deposits increased $81.6 million to $1.537 billion. The new branches were responsible for adding $26.8 million of new deposits.

Meridian Interstate Bancorp, Inc. is the holding company for East Boston Savings Bank. East Boston Savings Bank is a Massachusetts-chartered stock savings bank founded in 1848. It operates 22 full service locations in the greater Boston metropolitan area including eight full service locations in its Mt. Washington Bank Division.

It offers a variety of deposit and loan products to individuals and businesses located in our primary market, which consists of Essex, Middlesex and Suffolk Counties, Massachusetts. For additional information, visit www.ebsb.com.


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