Rockland Trust announced today it's buying East Boston Savings Bank for roughly $1.15 billion in stock.
East Boston Savings Bank was founded in Maverick Square in 1848. It has 42 branches in eastern Massachusetts.
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Eastern Bank just merged with Century Bank too.
Big Commercial Bank wants consumer business and local small business commercial accounts. Now we have Bank of America, f/k/a bankofbostonshawmutbankfleetbank and Santander like the hyenas circling the lions to grab the scraps. It's profitable for key employees and larger shareholders. It remains to be seen how it will work for the people on Meridian Street, Broadway and Gallivan Boulevard.
When Rockland was merged with Blue Hills the merger was rife with problems. People had money disappear in their accounts and it took weeks and more to get it fixed. Quite a few people fled Rockland after that for other banks... including to East Boston Savings.
This is not good.
My Mother has an East Boston savings bank account for the last 45 years, she’ will no longer be with the Bank after this merger, can’t trust the local bank. Greedy bastards.
Current East Boston Savings customer here; am curious to learn more.
To the best of my knowledge, as an EBSB user, no one has received anything by email or postal mail on this merger as yet. On this end we started with Mt Washington and weathered the various mergers and expansions.
We fled the commercial banks such as Citizens over their unnecessary fees for small accounts that did not move much. Access to a small savings bank or credit union with a no-fee checking was desirable.
The question will be whether they will honor these plans in the long run. If Rockland starts with any admin fees or minimum balance fees in the 5-6 digit range, then many people like us will be on the hunt for a new conveniently located home.
Branch locations will be another factor. Rockland and EBSB have branch offices close to each other in West Roxbury and one is likely to close as was the case when they swallowed People's Federal and Blue Hills. This also leave a question on retaining the branch in Roslindale which started out life as Mt. Washington.
Another issue will be the ATM network. Rockland appears to use the SUM network whereas EBSB uses the AllPoint network. AllPoints tend to be in retail locations like CVS, Walgreens, Roches. SUM at places like Target, Tremont Credit Union, and various bank branches.
And of course... ATM fees. This will be an adjustment a lot of people will need to deal with, and not all will be pleasant.
This will be interesting...
Personally, I have accounts at both. I wonder how long they will maintain separate identity.
Size is one thing, but current size is not entirely meaningful without an indication of how much they've grown over how much time. Both of these banks have grown a lot over the last 20 years with (a little) branch building and (mostly) acquisitions & mergers. East Boston had picked up Mount Washington a few years ago, for example. Rockland Trust had picked up People's Federal (which had previously picked up Brookline Coop).
This certainly fills some territory gaps for Rockland Trust - they didn't have much Dorchester/Southie coverage, for example, so the former Mount Washington locations are a big pickup for them.
Way back when I worked at Rockland Trust they had just acquired six or seven B of A branches they had to divest. It was almost 20 years ago.
I couldn't be happier to not hear that damn chain gang-like jingle of theirs anymore.
(I never understood the relatability/justification for using it with a bank.)
It was called Hard Work, and it was used with the Army Airborne group when they did their runs.
for the education! It's much appreciated. I still don't understand the tie-in with a bank, but at least I know something new.
...as that's what that song is all about.
I guess I hate kids too, because Kars-for-Kids drives me bonkers too? Bad music can have a good message, but that doesn't hide the fact that it's bad.
No, it's permissible to hate just that kid (and the songwriter).
Though now that I think of it... child actor... would they have some sort of SAG card? Could be you ARE hating on labor unions AND kids at the same time!
Work work work work... yeah, we get it, you do work. Have a trophy.
With every bank merger, West Roxbury gets another vacate commercial property. In this case, which will become vacant: The old Friendlies or the old CVS?
I left Rockland Trust shortly after they acquired Blue Hills Bank because their interest rates were abysmal and hidden in the deposit section of their online banking agreement was consent for them to run credit checks from time to time even though I had zero credit with them - not even overdraft protection. Most banks get consent to look when you first become a depositor or for credit, not at will.
I’ve been loving EBSB for years. Great interest rates and lovely staff. I hate to see them go down the Rockland Trust toilet too. The demise of competition does not bode well for consumers.
Great interest rates? At EBSB?
Nice enough people. They deserve a break. Maybe the new signs will confuse local crooks and they'll be left alone. There was a stretch a few years back where it seemed like one Southie branch or another was getting robbed every couple of weeks.
I just want DCU to open a branch that is on a subway line. Its rare I need to go to a teller but sometimes I do... and I have to trek to Waltham.
Mansfield Bank was also killed off in a recent "merger" with Bridgewater Savings to form Bluestone Bank. As longtime customers of Mansfield Bank, it's been painful and frustrating to see the loss of a community bank.
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