Established in 1818 as the Salem Institution for Savings, Eastern Bank’s values today in many ways mirror the values the bank was founded on 200 years ago. Those values are and have always been to promote an inclusive culture where underserved and underrepresented customers and communities have an equal voice. As the oldest mutual bank in the United States, Eastern not only witnessed and navigated through some of the most pivotal moments in American history, it also experienced many changes throughout its own history as a result of several acquisitions and mergers. Although change over 200 years was inevitable, Eastern Bank’s priority to “do good things to help people prosper” never wavered.
While inclusivity is the soul of Eastern Bank, generosity has always been its heart. Through financial giving and community service, Eastern has fostered a culture that believes generosity is a requirement and a privilege. That culture has made the bank one of the most charitable financial institutions in the country. For the last two decades, Eastern Bank has donated 10 percent of its net income to various philanthropic causes, totaling more than $120 million since 1999. Employees have also volunteered tens of thousands of hours annually to numerous nonprofits.
Staying in business for 200 years means Eastern Bank has made both right and smart decisions that have placed the bank on the cutting edge. As banking has evolved with the times, Eastern has not only kept up with the pace of change, it has also been a leader in developing ideas and technologies that will drive growth for decades to come.
Today, Eastern Bank is not the same mutual bank it was 200 years ago. Its voice for equality is louder. Its commitment to customers, colleagues, and community is greater. And its banking technologies are smarter. While those areas will continue to build and grow, one thing has not changed. Eastern Bank still stands for the same thing it stood for back in 1818 … Good.
This enhanced eBook features video and audio quotes from executives, retirees, and key stakeholders who were interviewed during the research for this book.