East Boston Savings Bank riding high

August 4, 2010
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The East Boston Savings Bank, who run a major banking branch in Wyoma Square, has announced stunning earnings for the Quarter ended June 30.

The bank announced a net income of $3.2 million or 0.15 cents a share compared with net income of $962,00 and 0.04 cents a share for the same period last year.

“I am pleased to report that our financial results for the second quarter have continued to be strong. We have maintained high net interest margins, stable asset quality and increased fee income. We are well positioned strategically for the remaining six months of the year and we will remain a very strong competitor in our market area,” said EBSB Chairman and Chief Executive Officer Richard Gavegnano.

Gavegnano said he was impressed with the bank’s branch in Wyoma Square.

“Our location in Wyoma Square has made the branch a very popular one. I am very pleased with the experience we have had in Lynn since coming here. And I would remind all those banking with us that we are a local bank available always to our local depositors,” he added.

The Wyoma Square Branch opened in 2009.

“Indications are that the economy is continuing to improve and that demand has grown for our loan and deposit products,” he added.

The Wyoma Square Branch replaced a long time gasoline station. With its architectural flair and design and with its location in the heart of one Lynn’s busiest and best known intersections, it is highly visible.

There is also plenty of parking.

EBSB’s aggressive expansion has made it one of the leading savings banks in the area.

In fact. Its earnings results include combined results from the recent acquisition of Mt. Washington Cooperative at the beginning of the year.

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