Eastern Bank recognized as one of nation’s best for middle-market businesses
4/7/2017, 6 a.m.
Financial research firm Greenwich Associates recently named Eastern Bank as one of the top banks for businesses nationally and awarded it the Greenwich Excellence Awards for “Overall Customer Satisfaction” and “Customer Likelihood to Recommend” in the Northeast’s Middle Market segment.
Among the 600 banks evaluated nationally, Eastern was one of only 37 to earn recognition from Greenwich Associates, a leading global financial services research firm that interviewed over 28,000 business executives to determine its results.
“While community banks like Eastern are typically known for superior service to individuals and families, commercial lending is actually the largest part of our loan portfolio,” said Bob Rivers, Eastern Bank Chairman and CEO. “We’re grateful to work with so many commercial clients and proud that our colleagues continue to provide financial solutions that help businesses of all sizes prosper.”
Greenwich Excellence Award selection is based on top box ratings on Greenwich Associates’ five-point evaluation scale. Award winners were determined at a national level and in four geographic regions: Midwest, Northeast, South and West. To qualify for an award, the bank had to have a minimum number of clients responding to the study. For national awards, the minimum was 50 clients, and for regional and mid-corporate national awards, at least 30 clients had to respond. The banks selected must receive a statistically significant proportion of “Excellent” ratings relative to the overall mean (at a 95 percent confidence level).
Over the past five years, Eastern’s Commercial Banking Group has seen double-digit loan growth in its loan portfolio, which now totals over $5 billion. Eastern also was named in 2016 the No. 1 Small Business Administration Lender in New England for the seventh consecutive year, placing it among the Top 10 SBA lenders nationally.
Founded in 1818 and based in Boston, Eastern Bank is America’s oldest and largest mutual bank, with $10 billion in assets, about 1,900 employees and over 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern provides access to fairly priced banking, investment and insurance products and services for consumers and businesses of all sizes. The bank, which includes Eastern Wealth Management and Eastern Insurance, is known for its outspoken advocacy and community support. Its work in the community includes more than $100 million in charitable giving over the past 20 years and bank leaders emphasize goals of inclusiveness and relationship building with customers, colleagues and communities.