East Boston Savings Bank Continues to Post Impressive Numbers

Since the advent of the Richard Gavegnano era at the East Boston Savings Bank (EBSB), the bank has grown dramatically (it is now over $2.0 billion in assets) and its profitability has soared as well.

Despite one of the worst economies in the modern history of the nation, and the world, the EBSB has consistently grown, remains cash rich and has an extremely stable portfolio of home mortgages and commercial paper as well as personal loans.

More importantly, the bank’s money and its profits have been pristinely handled under Gavegnano and have geometrically multiplied.

In addition, the bank has dramatically expanded its reach in Suffolk, Middlesex and Essex counties with new branches that have given EBSB more traction and visibility in the competitive world of local banking.

Then there is the radio and television advertising campaign for the bank with its memorable background beat and music and colorful television sets which have done so much to spread the word that EBSB wants your business.

It makes sense that the bank is enjoying great earnings and growth.

After all, most major banks have made it near to impossible for customers to borrow money or to refinance loans or to work out problems.

This negative, regressive attitude is absent from the method of doing business at the EBSB.

The banks quarterly report shows that another great year is coming to a finish with earnings of $10 million so far this year as compared with $9.1 million for the same period last year.

We once again applaud Richard Gavegnano, who has worked at the bank nearly all his adult life.

And we applaud the employees and even the depositors who are keeping their money in a very safe place.

There is nothing locally quite like the EBSB and the numbers reflect that.

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