For the third consecutive year, Eastern Bank outpaced larger competitors to rank as the No. 1 U.S. Small Business Administration (SBA) lender in Massachusetts. Eastern was also named the No. 1 SBA lender in New England, the bank announced today.

Eastern Bank made the most SBA loans in Massachusetts – 343 loans totaling more than $24 million, according to the SBA’s Boston District Office. In addition, Eastern ranked No. 1 in the origination of 504 SBA first mortgage loans. The rankings are issued annually in October, based on the number of loans originated by banks in the SBA fiscal year, which runs Oct. 1 to Sept. 30.

Five other banks with a large local presence in the Bay State received rankings in the top 20 for loan volume in fiscal 2011. Citizens Bank, TD Bank, Sovereign Bank, Enterprise Bank and Rockland Trust Co. produced loans ranging from $35 million to $12 million in volume.

Eastern ranked No. 1 in the number of SBA loans originated and dollar amount in Massachusetts. Eastern’s 342 SBA loans created 449 jobs and retained 1,668 jobs, according to the SBA. It also ranked first in the number of SBA loans originated in New England, the bank said in a statement.

"Eastern Bank is proud to be recognized as the No. 1 small business lender in Massachusetts for a third consecutive year," Richard E. Holbrook, chairman and CEO of Eastern Bank said in a statement. "We are dedicated to delivering the credit small businesses need to grow and, ultimately, create new jobs in the community."