BOSTON — East Boston Savings Bank ended 2017 with its acquisition of Meetinghouse Bancorp.
“We are excited to announce the completion of the Meetinghouse acquisition today. We believe that the acquisition will enable us to continue to grow our banking franchise in the Boston metropolitan area and expand our presence in the Dorchester and Roslindale
markets,” said Richard J. Gavegnano, president and chief executive officer of Meridian Bancorp, Inc., the holding company for East Boston Savings Bank.
A Massachusetts-chartered stock savings bank founded in 1848, East Boston Savings operates 33 full-service locations in the greater Boston metropolitan area including Lynn, Malden, Medford, Peabody, Revere and Saugus.
East Boston Savings offers a variety of deposit and loan products to individuals and businesses located in its primary market. Meetinghouse has locations in Roslindale and Dorchester Lower Mills.
Upon completion of the merger, each Meetinghouse stockholder became entitled to receive $26 in cash for each share of Meetinghouse common stock that they held at the effective time of the merger.
Anthony A. Paciulli, president and chief executive officer of Meetinghouse, said, “We are proud to be joining Meridian and East Boston Savings Bank, which has served the Boston market for generations with a similar culture and common commitment to local decision making, exceptional personal service and community support.”