Merging banks share values

August 14, 2009
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The following is as an open letter to the community:

By now you may have heard and read [JP Gazette, July 24] that on July 20, Mt. Washington Cooperative Bank and East Boston Savings Bank announced their intention to merge. When this transaction is consummated, Mt. Washington will operate as a division of East Boston Savings Bank. This is a very significant event for two community banks that have operated under their own original names since 1893 and 1848 respectively. This merger with EBSB will bring together the very best of the community banking culture to Suffolk County.

Here’s what you will see when this transaction closes: Most importantly, Mt. Washington employees—the people you know and trust— will be there to serve you, as they are today; renewed and robust lending; a greater selection of banking products; and a seamless continuing commitment to your community and your neighborhoods, including a $250,000 contribution from East Boston Savings to the Mt. Washington Charitable Foundation.

I can say these things with confidence because, from the first meetings that Mt. Washington President and CEO Ed Merritt and I had about this possibility, I could see the values our strong communities and banks share. We believe in our employees and value their service to you. We believe that our banks are part of the communities, and have great civic responsibilities. Our commitment to Suffolk County for well over a century will be enhanced and strengthened as we bring these banks together, and that community banking is vital to the well-being of our neighborhoods.

Together, we will be a $1.6 billion community bank with a greater capacity for our employees to continue providing a high level of service and for our lenders to lend in Suffolk County. We will proudly honor our forebears who established these institutions and we will work hard to build on the legacy of service and value established by the current generations.

To the many of you who are already customers of Mt. Washington Cooperative Bank, I join Ed Merritt in thanking you for your business. To those of you who are not, may I please ask you to let us be your bank and work hard for you? And to all of you, the people of South Boston, Dorchester, Jamaica Plain and Suffolk County, I thank you for the warm welcome we at East Boston Savings Bank have already enjoyed in your community.

Richard J. Gavegnano
Chairman & CEO
East Boston Savings Bank

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