Eastern Bank

265 Franklin Street
Boston, MA 02110

 

2019 Overview

General Bank Information

FDIC Insured Yes
FDIC Certificate # 32773
Date Established 1989
Assets $11.33 billion
Loans $8.84 billion
Deposits $9.28 billion
Capital $1.49 billion

Eastern Bank is an FDIC insured institution located in Boston, MA. It was founded in 1989 and has approximately $11.33 billion in assets. Customers can open an account at one of its 101 branches.

For a more detailed analysis of Eastern Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 19, 2019

Your Current Location: Washington, WA 98109

Savings and Money Market Rates APY MIN MAX
Money Market
0.10% $2,500 $9,999 Learn MoreShow Less
Money Market
0.20% $10,000 $24,999 Learn MoreShow Less
Money Market
0.20% $25,000 $49,999 Learn MoreShow Less
CD Rates APY MIN MAX
3 Mo CD
0.05% $2,500 - Learn MoreShow Less
Special: 4 Mo CD
1.41% $100,000 - Learn MoreShow Less
6 Mo CD
0.05% $2,500 - Learn MoreShow Less
Special: 7 Mo CD
1.71% $100,000 - Learn MoreShow Less
12 Mo CD
0.10% $500 - Learn MoreShow Less
18 Mo CD
0.10% $500 - Learn MoreShow Less
24 Mo CD
0.20% $500 - Learn MoreShow Less
30 Mo CD
0.20% $500 - Learn MoreShow Less
36 Mo CD
0.30% $500 - Learn MoreShow Less
48 Mo CD
0.40% $500 - Learn MoreShow Less
60 Mo CD
0.50% $500 - Learn MoreShow Less

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.10% $10 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA
0.05% $10 $2,499 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.02% $1 - Learn MoreShow Less
Checking Rates APY MIN FEE
Free Checking 0.00% $0 $0.00 Learn MoreShow Less
EZ Checking 0.00% $1,500 $10.00 Learn MoreShow Less
Premier Checking 0.00% $25,000 $0.00 Learn MoreShow Less

Loan Rates - July 19, 2019

Your Current Location: Washington, WA 98109

Home Equity Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Eastern Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


Eastern Bank Locations


Financial Details

Eastern Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Eastern Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Eastern Bank U.S. Bank Average
1.78% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2019, Eastern Bank had $27,883,000 in non-current loans and $35,000 in owned real estate. To cover these potential losses it had $1,488,689,000 in equity and $82,493,000 in loans loss reserves. That gives it a Texas Ratio of 1.78%.

Return on Equity
Eastern Bank U.S. Bank Average
9.06% 9.47%

Eastern Bank has a Return on Equity of 9.06% versus the BestCashCow average of 9.47%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Eastern Bank U.S. Bank Average
13.14% 12.49%

Eastern Bank has a Capitalization of 13.14% versus the BestCashCow average of 12.49. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Eastern Bank Balance Sheet Analysis

As of March 31, 2019, Eastern Bank had assets of $11,331,605,000, loans of $8,838,937,000, and deposits of $9,275,467,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2019
ASSETS
Cash & Balances due from depository institutions $0.18 billion
Interest-bearing balances $0.07 billion
Total securities $1.44 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $8.84 billion
Loan loss allowance $0.08 billion
Trading account assets $0.02 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.38 billion
All other assets $0.41 billion
     Total Assets $9.84 billion
LIABILITIES
Total deposits $9.28 billion
      Interest-bearing deposits $8.90 billion
      Deposits held in domestic offices $9.28 billion
      % insured (estimated) 67.92%
Federal funds purchased and repurchase agreements $0.17 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.21 billion
Subordinated debt $0.00 billion
All other liabilities $0.18 billion
      Total Liabilities $9.84 billion
      Shareholders’ Equity $1.49 billion

Summary Income Statement

March 31, 2019
INCOME AND EXPENSES
Total Interest Income $0.11 billion
Total Interest Expense $0.01 billion
Net interest income $0.10 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.05 billion
Total non interest expense $0.11 billion
Pre-tax Net Operating Income $0.04 billion

Bank Loan Profile?

The top three loan types in Eastern Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in Massachusetts, Eastern Bank has a significantly higher percent of Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 28.30
Multifamily
Mortgages
8.73
Credit Card Loans 0.00
Consumer Auto Loans 3.93
Small Business Loans 5.51
Construction and Development Loans 2.99
Commercial Real Estate 30.43
Commercial and Industrial Loans 19.85
Farm Loans 0.00

Frequently Asked Questions About Eastern Bank

Branches and Savings

Is Eastern Bank FDIC insured?

Yes. It is covered under FDIC Certificate #32773.

Why does Eastern Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Eastern Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Eastern Bank a commercial bank?

Yes

Where are Eastern Bank locations?

See branch locations nearby.

Is Eastern Bank open on Saturdays?

Is Eastern Bank open on Sundays?

What time does Eastern Bank open?

What time does Eastern Bank close?

Are Eastern Bank ATMs Open 24/7?

Do Eastern Bank ATMs accept cash deposits?

Can Eastern Bank customers use other ATMs?

Do Eastern Bank branches have notaries?

Will Eastern Bank notarize my document?

What address for Eastern Bank should I put for incoming ACH transfers?

Will the Eastern Bank branch print checks?

Do Eastern Bank checks expire?

Does Eastern Bank require US citizenship to open account?

Can Eastern Bank close my account?

Does Eastern Bank Report to credit bureaus?

Does Eastern Bank Use Equifax?

What is Eastern Bank's ACH Routing Number?

What is Eastern Bank's SWIFT code?

Products

Does Eastern Bank offer mortgages?

Compare mortgage rates here.

Does Eastern Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Eastern Bank offer personal loans?

Compare personal loan rates here.

Does Eastern Bank offer student loans?

Will Eastern Bank cash a check?

Will Eastern Bank redeem a savings bond?

Does Eastern Bank cash savings bonds?

Will Eastern Bank cash money orders?

Can Eastern Bank issue a money order?

Does Eastern Bank do currency exchange?

Background on The Bank

Who owns Eastern Bank?

How long has Eastern Bank been around?

Can Eastern Bank transfer to other banks?

Does Eastern Bank have quick pay?

Does Eastern Bank accept rolled coins?

Will Eastern Bank accept loose change?

Where is Eastern Bank headquarters?

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