East Boston Savings Bank Reports Major Gains

February 15, 2011
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The year 2010 was a great year for Meridian Interstate Bancorp, the owner of the East Boston Savings Bank.

Company officials said business was up substantially at the bank’s Wyoma Square location in Lynn this year.

Fourth quarter results and year-end results released last week revealed an upward trend in earnings and income for the bank.

“I am pleased and proud of the bank’s performance,” said its Chairman and Chief Executive Officer Richard Gavegnano.

He reported net income of $4.3 million for the fourth quarter and $13.4 million for the year 2010 as compared with $2.0 million earned during the fourth quarter in 2009 and $3.8 million for the year in 2009.

“The results show that we have been able to maintain high net interest margins in the current low rate environment while meeting a growth demand for our loan and deposit products,” Gavegnano added.

The bank has expanded its locations dramatically opening branches in West Roxbury and an additional branch in Revere. A third new branch is set to open in Boston’s South End.

“We believe the bank is well positioned to take advantage of various opportunities to enhance shareholder value, increase our market share and grow the bank,” Gavegnano said.

Under Gavegnano’s leadership, the bank has expanded its branch capabilities throughout its basic geography while at the same time expanding the bank’s capabilities into Boston with the purchase of the Mt. Washington Bank.

Overall, East Boston Savings Bank has become a banking force in Suffolk County and beyond, with its expanding Boston presence a natural addition to the bank’s solid holdings on the North Shore side of the Mystic River.

In all, the bank presently holds $1.2 billion in mortgages in its portfolio.

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