East Boston Savings Bank (EBSB) has opened new branches in Salem and Woburn and is targeting a late summer opening of EBSB’s third branch in Brookline.
“We are very excited to be expanding our footprint within these communities. All these locations coincide with our strategy to penetrate lucrative high-density markets and expand the EBSB franchise that has a strong community banking history” said Richard Gavegnano, Chairman, President and CEO of East Boston Savings Bank. “We are proud to be part of these great communities and look forward to establishing new relationships and enhancing existing ones.”
The opening of the Salem branch, located on the corner of New Derby and Washington Streets, marks a continuation of EBSB’s expansion to the North Shore. Located on Route 114, the location is ideal as it provides great visibility and is accessible to public transportation (busses and commuter rail.) With $32 million in deposits and more than $76 million in loans, the bank already conducts a substantial amount of business in Salem and see’s great potential to expand its customer base due to the many nearby small businesses.
The Woburn location at 331 Montvale Avenue is ideal as it provides great visibility and is accessible to the heavily traveled commuter Route 93. Located just off exit 3 south, the branch is equipped with a drive-up window and drive-up ATM. “In Woburn and we see great potential to expand our customer base due to the many residential neighborhoods and businesses in the area.” says Gavegnano.
The Bank’s third Brookline branch is located at 473 Harvard Street. The site of a former Starbucks, it’s only a 6-minute walk from the MBTA’s Green Line “B-branch” Harvard Avenue stop. “With a significant deposit base from our two other Brookline branches at 1050 and 1441 Beacon Street, the Harvard Street location allows us to service a more densely populated area of the community.” says Gavegnano. This branch is targeted to open in mid-September.
Founded in 1848, East Boston Savings Bank operates 40 full-service branches including a Mobile Banking Unit in the greater Boston metropolitan area. EBSB offers a variety of deposit and loan products to individuals and businesses located in its primary market, which consists of Essex, Middlesex, Norfolk and Suffolk counties. As a member of both the FDIC and Depositors Insurance Fund (DIF) all deposits are insured in full.