What is Eastern Bank?
Eastern Bank is the oldest and the largest mutual bank in the USA. Since it was established in 1818, Eastern Bank has been an innovative leader in banking for nearly 200 years. By offering its customers what they truly need and want, Eastern Bank has become one of the most highly regarded banks in the country.
Eastern Bank is one of the leaders among community banks by assets under management (AUM) ranking. The $23 billion mutual bank boasts more than 500 ATMs and 200 branches across Massachusetts, New Hampshire, and Maine.
Currently, Eastern Bank employs 1350 people at dozens of locations that serve their area’s commercial clients as well as retail banking customers who are also small business owners. Through this strong brick-and-mortar presence, Eastern Bank offers loans to businesses with less cash flow, only requiring a signed contract from the borrower.
Eastern Bank is also one of the leaders in providing deposits and checking accounts management services within its region.
The bank operates with a very low overhead expenses ratio compared to other local commercial banks at 0.31% of total assets while some competitors have ratios over twice as high currently suffering from income losses on their deposits which are serving less expensive offers their customers at the moment.
Important Update on COVID-19
In response to COVID-19, Eastern Bank shopping hours can vary, or maybe the spot can be currently closed as a consequence of quarantine limits. Check out the specifics of delivery choices on the local website of Eastern Bank.
Eastern Bank tweaked their shopping hours to permit employees a little extra time to clean as well as resupply goods on racks. Added to that, numerous Eastern Bank locations have recently set up distinct shopping hours for members of the at-chance class.
What time does Eastern Bank open?
| Monday | 09:00 AM – 04:00 PM |
| Tuesday | 09:00 AM – 04:00 PM |
| Wednesday | 09:00 AM – 04:00 PM |
| Thursday | 09:00 AM – 07:00 PM |
| Friday | 09:00 AM – 06:00 PM |
| Saturday | closed |
| Sunday | closed |
Is Eastern Bank open on weekends? – No, the bank is closed on Saturdays and Sundays.
What are Eastern Bank hours for today and tomorrow? – You may examine our tables and if you need a certain store – look for it on the official webpage.
What time does Eastern Bank close?– It depends on the weekday, as from Mon-Wed it closes at 4 pm, on Thu it closes at 7 pm and on Fri at 6 pm.
Are they open right now? – You need to examine the table above.
What are the roots of Eastern Bank?
It was established in 1818 and has been serving the area for almost 200 years. It was called Salem Savings Bank and it merged with another three banks at the beginning of the 20th century. Later on, Eastern Bank was acquired by a big insurance company and became part of its mutual fund and banking division.
Eastern Bank has also been offering services to businesses and it is not just a local bank for retail customers which makes it different from other local commercial banks.
In 1989 Eastern Savings Bank’s parent company Lynn, Massachusetts-based Eastern Bank Corporation reorganized it into a mutual holding company making them the first in their state to do so.
They changed names too – from “Eastern” just emblazoned on some papers at headquarters while they were being worked up for this big change but now you can find all types of financial services under one roof thanks largely due to these innovations that are happening within our own backyard!
In 1997 Eastern Bank and Middleton, Massachusetts-based Middlesex Savings Bank merged by buying out the latter one. It was a mutual savings bank that was founded in 1840 making it one of the oldest banks in New England.
In 1998 Eastern Insurance Holdings, Inc., a subsidiary of Eastern Bank Corporation created Meridian Mutual Funds which later on merged with Charter One Financial Inc.
In November 2002 Eastern Bank Corporation announced it had completed the acquisition of BankWest which was a subsidiary bank of New Hampshire-based The Banc Group, Inc.
In 2011 Eastern Bank partnered with Waypoint Credit Union and they were launched online banking providing members with an easy way to manage their money.
Nowadays Eastern Bank is still a mutual holding company and has more than $ 7.5 billion in assets it is the fourth largest bank in Massachusetts by deposits right behind Bank of America which is one of the largest banks in the US overall with over 1 million customers.
Eastern Bank Holiday Hours – Close
| DATE | HOLIDAY |
|---|---|
| February 18 | President’s Day |
| May 27 | Memorial Day |
| July 04 | Independence Day |
| September 02 | Labor Day |
| December 24 | Christmas Eve |
| December 31 | New Year’s Eve |
| January 01 | New Year’s Day |
| November 28 | Thanksgiving Day |
| December 25 | Christmas Day |
| April 15 | Good Friday |
| October 10 | Columbus Day |
Eastern Bank locations
This company has over 100 branches in Massachusetts and over 45 locations across the USA. You can find them on such areas as Boston, North Attleborough, Braintree, Woburn, South Boston, Quincy, and Somerville.
Eastern Bank near me
What is the purpose of Eastern Bank?
Eastern Bank is a regional financial services company that provides various banking, lending, insurance, and investment products to consumers as well as small to mid-sized businesses. They also have an online platform that allows customers to manage their money anytime they want.
You will get access to checking accounts with no minimum balance requirements, free debit card, free online bill paycheck writing services, mobile deposit capture, and direct deposit. You can use them for different purposes including personal or business accounts making this bank very versatile. You may take advantage of special offers if you are lucky!
Home and Personal Borrowing
Eastern Bank can offer you different financial services including loans for your home or car. They will be happy to work with you in order to find a solution that fits your needs!
Eastern Bank has several options when it comes to personal checking accounts and savings accounts too so please, browse through their website and consider all the opportunities you have in front of yourself.
Commercial Lending
If you are in need of a business loan then Eastern Bank is here for you. All types of businesses can apply from small family-owned shops up to large corporations which will help them grow their business ventures even further without any concerns about how they will finance this growth. There are business checking options available as well as different credit cards so don’ hesitate and look into them today!
Eastern Bank mortgages
Clients have an opportunity to get low-interest-rate mortgages even if they have some credit blemishes on their record. This is great for those who cannot get approved by other institutions due to less than perfect credit scores!
Eastern Bank Interest Checking Accounts
This account offers you the chance to earn interest on your balance while having up to a $25 bonus at least once per statement period when you meet certain requirements which you can read about directly on the bank’s website.
What makes this checking account unique? There are no minimum monthly deposit requirements so whether you will deposit $100 or thousands, Eastern Bank will still consider it a qualified transaction that will allow you to reach your monthly earnings potential!
They are flexible in terms of how transactions are made and can also offer you access to your funds anywhere in the world with no fees for transactions made outside of Eastern Bank ATMs. Account-holders will also have a free debit card issued with their accounts.
Specialized services at Eastern Bank
Eastern Bank offers a whole range of services which include:
- Checking accounts: You can get high yield checking or interest checking at Eastern Bank.
- Savings accounts: Have the chance to earn higher rates on your savings if you choose their special interest rate account. These are also great for IRA withdrawals!
- CD (certificate of deposit): You can open a certificate of deposit that will allow you to put away money for a certain period while earning significant amounts in return because of relatively higher CD rates than other banks offer which means more income in your pocket.
- Credit cards: They have different types of credit cards available depending on your needs so do extensive research before making your final decision!
- Loans: Eastern Bank will be happy to work with you in order to get you the loan that fits your financial situation and needs.
- Mortgage loans: If you are planning on purchasing a home then Eastern Bank can help you finance this purchase by offering different types of mortgages including government-insured loans (FHA, VA etc.). Please, check out their website for more details!
Eastern Savings Bank has always been known as an innovator when it comes to coming up with new products or services so they have recently introduced some exciting features like eChecking accounts. These are standard checking accounts but come with high-interest rates and no monthly maintenance fees.
They also offer banking which makes managing your finances even easier and you get to enjoy added benefits like free access to over 55,000 ATMs worldwide.
Customer service
Eastern Bank is known for its superior customer service which is why they are preferred by millions of customers. They have all the modern infrastructure necessary to address any concerns or problems their customers might have.
Commercial offers at Eastern Bank
Eastern Bank is a commercial bank that offers several types of business checking accounts. These include:
• Business Money Market Accounts: This account comes with a low minimum balance requirement which you can read about on their website along with the other qualification details. The main advantage of this type of account is that you will be able to earn more interest income without any restrictions or qualifications!
Account-holders also have access to up to 50 free checks every month as well as a free bill payment from their online platform. They also offer checkbooks by mail upon request if you would prefer this option as well as instant cash advances and transfers within the Eastern Bank network for no fees. You can do all your transactions by phone, through the Internet, or go into one of the many branches for face-to-face transactions.
• Business Interest Checking: This account also comes with no monthly fees and low minimum balance requirements which you can read about on their website along with more information about these accounts. You can do all your transactions online, through the phone or go into one of the many branches for face-to-face transactions.
• Business Interest Checking: This account is ideal for those who want a higher yield on their savings without any additional qualifications or restrictions, they just need a small amount to open the account. You can do all your transactions online, through the phone, or go into one of the many branches for face-to-face transactions.
Business customers also have access to up to 50 free checks every month as well as a free bill payment from their online platform. Eastern Bank offers both business debit cards and business credit cards which you can use however you prefer with no fees involved whatsoever means more money in your pocket!
What should you know about insurance at Eastern Bank?
Eastern Bank offers both personal and commercial insurance options. Personal insurance customers have access to a wide variety of auto, renters, and homeowners policies through several major companies including Chubb’s, New England, Fireman’s Fund, etc.
Commercial insurance customers can also receive attractive rates for different types of coverage such as property or liability Insurance. Eastern Bank will be happy to help you find the right type of policy for your needs at an affordable price.
Their insurance plans include:
- Life Insurance: With different life insurance options available, customers can choose to receive coverage for themselves or their families.
They can also opt to receive additional protection through term life insurance which covers them in case of accidental death or early death (before the set age). You can choose customizable plans which you find the most suitable according to your needs and budget. - Disability Insurance: If you are employed, you need to check out this option as it provides financial assistance if you are unable to work due to illness or accident. Customers who qualify will be able to pay all their expenses during this period without any kind of limitations or restrictions. The plan also offers tax benefits so that’s definitely an added bonus! Eastern Bank has partnered with some key players in the industry such as Unum to provide this option for their clients.
- Auto and Home Insurance: Eastern Bank has partnered with several key players in the insurance industry such as Nationwide, USAA, and State Farm to offer different types of auto and home insurance policies for their customers.
- Commercial Insurance: Whether you’re a small business owner or part of a larger corporation, commercial insurance will protect you from unexpected debts that may occur due to accidents or unforeseen circumstances.
You can also opt for additional coverage which includes equipment breakdown (which means your machinery cannot function properly), product liability (if you make and sell certain items), etc. Eastern Bank has partnered with some key players in the industry such as Travelers, Chubb’s Insurance and many more so you can rest easy knowing your business is in good hands.
Is Eastern Bank a good bank?
When you need a reliable financial institution to handle your banking needs, you can count on them to provide all of this and more. Whether it’s personal or business accounts, they will find the right plan for you and make sure your experience is top-notch!
