East Boston Savings Bank, a subsidiary of Meridian Interstate Bancorp, has acquired Mt Washington Cooperative Bank. The combination of Mt Washington and East Boston results in a community bank with 20 full service branch offices located throughout the Boston metropolitan area.
All Mt Washington branch offices will become branch offices of East Boston Savings Bank and operate under the name ‘Mt Washington Bank, a division of East Boston Savings Bank.’ The transaction is expected to increase East Boston Savings Bank’s deposits from $931.4m to $1.3bn. In addition, Meridian Interstate expects to contribute approximately $15m of capital to East Boston Savings Bank following the merger.
Edward Merritt, former CEO of Mt Washington, will join the East Boston management team as the president of the Mt Washington division. Mr Merritt and one former Mt Washington director will join the Meridian Interstate board of directors.
Mr Merritt said: “The merger with East Boston is a natural fit in terms of our locations and operating philosophy. We will continue to operate the Mt Washington branches as a division of East Boston with the same personnel that our customers have come to depend on.”
Richard Gavegnano, chairman and CEO of Meridian Interstate and East Boston Savings Bank, said: “This transaction combines two locally focused banks that have long standing ties to their communities and have served their communities for more than 278 years combined. We are committed to providing the same high quality service and support that our customers expect.”
