BOSTON, March 20, 2020 (GLOBE NEWSWIRE) — Meridian Bancorp, Inc. (the “Firm” or “Meridian”) (EBSB), the holding firm for East Boston Financial savings Financial institution (the “Financial institution” or “EBSB”), introduced at present that the Financial institution will present help for customers and companies dealing with monetary adversity as a result of financial affect of COVID-19, continued department accessibility, in addition to extra funding for area people organizations.
“East Boston Financial savings Financial institution has a wealthy historical past of servicing the Metropolis of Boston and its surrounding communities. It’s our long-standing custom to be attentive to the wants of individuals throughout good instances and difficult instances. We acknowledge that the rise of COVID-19 has created monetary and different hardships for our prospects and communities and we’re dedicated to offering monetary flexibility to the people, companies and communities that we serve,” mentioned Richard J. Gavegnano, Chairman, President and Chief Government Officer. “In our 172-year historical past, now we have endured many devastating occasions and whereas these could also be attempting instances, we are going to all stand collectively to get by means of this with the identical integrity, energy and laborious work now we have practiced all through the century.”
To help EBSB prospects affected by the pandemic, efficient instantly our bankers are prepared to offer versatile options to alleviate monetary pressures. Initially, this help will embody; upon request rising individualized every day EBSB debit card spending limits, offering higher flexibility by rising distant deposit limits to people, waiving penalties for early CD withdrawals and putting a 90-day foreclosures moratorium on EBSB residential loans. We’ll proceed to watch the scenario and make lodging as the necessity arises.
Our workers are our best asset, and we’re taking steps to maintain them secure to allow them to proceed to ship distinctive service for our prospects. These steps to reduce the danger of COVID-19 transmission embody encouraging prospects to financial institution remotely by utilizing handy and safe On-line Banking, Cell Banking, ATMs and our Automated 24-Hour Phone Banking System (866-774-7705). We’re additionally lowering foot site visitors in our branches by limiting entry within the department and inspiring the usage of drive-up home windows for conducting transactions in addition to our ATMs which can be found 24-hours a day.
East Boston Financial savings Financial institution will proceed supporting native organizations all through this ordeal. Moreover, we are going to instantly donate one other $100,000 to help nonprofit organizations all through the Financial institution’s footprint. These extra contributions will help funding important providers to the general public throughout this unprecedented disaster.
We additionally need to reassure our prospects that we take their monetary safety significantly and that East Boston Financial savings Financial institution stays properly capitalized and financially sturdy. As well as, all EBSB deposits are insured in full by means of the FDIC and Depositors Insurance coverage Fund. Our high precedence is to keep up a secure office for our workers, and a secure workplace for our prospects. Thanks on your understanding.
Meridian Bancorp, Inc. is the holding firm for East Boston Financial savings Financial institution. East Boston Financial savings Financial institution, a Massachusetts-chartered inventory financial savings financial institution based in 1848, operates 40 branches within the higher Boston metropolitan space, together with 39 full-service places and one cell department. We provide a wide range of deposit and mortgage merchandise to people and companies positioned in our main market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. For extra info, go to www.ebsb.com.
Ahead Wanting Statements
Sure statements herein represent forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Such statements could also be recognized by phrases similar to “believes,” “will,” “expects,” “mission,” “might,” “might,” “developments,” “strategic,” “launching,” “alternatives,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and related expressions. These statements are primarily based upon the present beliefs and expectations of Meridian Bancorp, Inc.’s administration and are topic to important dangers and uncertainties. Precise outcomes might differ materially from these set forth within the forward-looking statements on account of quite a few elements. Components that would trigger such variations to exist embody, however are usually not restricted to, basic financial circumstances, adjustments in rates of interest, regulatory issues, and competitors and the danger elements described within the Firm’s Annual Report on Type 10-Ok and Quarterly Reviews on Type 10-Q as filed with the Securities and Trade Fee. Ought to a number of of those dangers materialize or ought to underlying beliefs or assumptions show incorrect, Meridian Bancorp, Inc.’s precise outcomes might differ materially from these mentioned. Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this launch.
Richard J. Gavegnano, Chairman, President and Chief Government Officer