Massbank acquired by Eastern Bank

By Lisa Kerner

Charlotte, N.C., Sept. 4 - Eastern Bank Corp. completed its $170 million acquisition of Massbank Corp.

According to Eastern, the combined $7 billion institution will serve more than 400,000 consumers and businesses across eastern Massachusetts.

Richard E. Holbrook will remain chairman, president and chief executive officer of Eastern and chairman and CEO of Eastern Bank.

Massbank chairman, president and CEO Gerard H. Brandi is now a vice chairman of Eastern.

On March 11, Eastern agreed to buy Massbank, a Reading, Mass., bank holding company, for $40 per share.

Boston-based Eastern is an independent, mutually owned commercial banking franchise in New England.

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