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East Boston Saving Parent Co. Up 28 Percent In Q2

Jul 25, 2012 | Reprints | Unlock Link | Print

Meridian Interstate Bancorp Inc., the holding company for East Boston Savings Bank, announced net income of $5.4 million for the quarter ended June 30, compared to $4.2 million for the same quarter last year.

For the six months ended June 30, 2012, net income was $7.6 million, compared to $7.4 million, for the six months ended June 30, 2011. The company’s return on average assets was 1.07% for the quarter ended June 30, 2012 compared to 0.87% for the quarter ended June 30, 2011.

" This impressive growth results directly from our expansion of capacity over the past year in real estate and business lending, core deposit funding sources, and other business and support functions," Meridian Chairman and CEO Richard J. Gavegnano said in a statement. "The Bank plans to continue its expansion with the opening of an East Boston Savings Bank branch in the Town of Belmont and a Mt. Washington branch in Boston’s Allston neighborhood late this year or early next year."

Banking & Lending