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East Boston Savings Bank branches in Brighton, Brookline and Cambridge to stay open but with a new owner

By adamg on Thu, 09/23/2021 - 10:41am

The Boston Business Journal reports that four East Boston Bank branches slated to be shut as part of its takeover by Rockland Trust will instead be sold to HarborOne, a Brockton-based bank that will hire their workers and re-open the branches as its own. The deal affects only the buildings and workers; customer accounts at the current branches will still move to Rockland.

Neighborhoods: 
Brighton
Brookline
Cambridge


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Comments

By Ron Newman on Thu, 09/23/2021 - 11:17am.

even if the branches are acquired by a different bank. (I've been through this a few times myself.)

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By adamg on Thu, 09/23/2021 - 12:09pm.

Similar to Metro, HarborOne (Nasdaq: HONE) is taking over the leases at the four locations, not acquiring the customer deposits held at the branches, which Rockland Trust (Nasdaq: INDB) will keep. HarborOne will make job offers to East Boston Savings staff at the locations, according to the two banks.

One possible difference between this and other takeovers: Many of the branches to be shut (mostly East Boston branches but a couple of Rockland Trust branches, like the one on Centre Street in JP) are within a short walk of branches the expanded Rockland Trust already has, so it shouldn't really be a major inconvenience for most customers (the JP branch is a bit of a walk to the East Boston branch that will stay open instead, though). We used to be customers at the Peoples Federal branch in West Roxbury; when Rockland Trust bought that bank, they eventually shut the branch and moved the accounts and employees to the existing West Roxbury Rockland Trust branch, basically right across the street.

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By Allstonian on Thu, 09/23/2021 - 1:22pm.

I'm a big believer in paying for online subscriptions, but I draw the line at coughing up $135/year for the Boston Business Journal. Is the Brookline Village branch of Rockland Trust still slated for closure? There's no other branch of either bank nearby, AFAIK, and I use that one from time to time (the place I get my hair cut is nearby.)

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By Ron Newman on Thu, 09/23/2021 - 1:42pm.

is to say that the EBSB branch at 473 Harvard St. is being transferred to HarborOne.

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By Rob on Fri, 09/24/2021 - 1:44am.

So far as I know, Brookline Village branch of Rockland (former Peoples, former Brookline Cooperative Bank) is still supposed to close.
Rockland will close three assorted East Boston branches in Brookline (two on Beacon, one on Harvard), but keep one open on Beacon.

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