Bank merger approved

October 9, 2009
By

John Ruch

JP CENTER—Mt. Washington Bank’s proposed merger with East Boston Savings Bank (EBSB) was approved by depositors in a Sept. 23 vote, according to Lauren Mann, the bank’s director of marketing.

“It went well,” Mann told the Gazette. “We had overwhelming approval.”

South Boston-based Mt. Washington runs the local Roxbury Highland Branch at 515 Centre St.. It was forced to seek a merger partner after being hit by the bad economy and by a consent decree with banking regulators after they found “unsafe or unsound banking practices” at Mt. Washington.

EBSB is considered much more stable than Mt. Washington, and the consent decree is expected to end if the merger goes through. Banking regulators still need to approve the merger. Mann could not provide an immediate update on that process.

Mt. Washington will remain intact as a division of EBSB. The name and staff at the Jamaica Plain branch are expected to remain the same.