Going Strong at 165 Years: East Boston Savings Starts 165th Year of Serving Community

Last Friday the East Boston Savings Bank celebrated 165 years in business with neighborhood-wide celebrations at all bank branches including Winthrop..

The events included promotions, raffle and a IPad give-a-way.

“East Boston Savings Bank owes its success over the past 165 years to the exceptional loyalty of our customers and the hard work of our bankers, with the value to our stockholders and the communities we serve enhanced as a result,” said EBSB CEO Richard J. Gavegnano. “We believe even greater opportunities lie ahead.”

The 165th Anniversary celebration coincided with the recent release of Meridian Interstate Bancorp’s, EBSB’s holding company, first quarter earnings.

According to Gavegnano the bank has announced a net income of $3.1 million compared with $2.2 million for the same quarter last year.

“As we begin to celebrate the 165th anniversary of East Boston Savings Bank I am pleased to report net income of $3.1 million for the first quarter of 2013,” said Gavegnano. “During the quarter we grew to $2.4 billion in total assets reflecting net loan growth of $63 million and net deposit growth of $92 million.”

As a result of EBSB’s loan growth over the past year, Gavegnano said first quarter net interest income increased $1.8 million.

“This is our seventh consecutive quarter of net interest income growth,” said Gavegnano. “We are continuing our efforts to increase market share and franchise value by expanding into lucrative new markets with the opening of our new East Boston Savings Bank branch in Belmont and a new Mt. Washington branch in Allston during the quarter along with the scheduled opening later this year of a new East Boston Savings Bank branch in Somerville that will become our 27th full service location in the metropolitan Boston area.”

Total deposits at EBSB increased $92.1 million to $1.958 billion and included net growth in core deposits of $41.3 million to $1.279 billion.  Total assets increased $121.5 million to $2.400 billion from $2.279 billion and net loans increased $62.8 million to $1.849 billion, up from $1.786 billion.   Total stockholders’ equity increased $5.2 million to $239.1 million from $233.9 million. The increase was due primarily to $3.1 million in net income.