Meridian Interstate Bancorp, Inc. (MIB) was a registered mid-tier stock financial holding company for East Boston Savings Bank, which is a Massachusetts-chartered stock savings bank originally founded in 1848. The company delivers a wide range of deposit and loan products through the operation of the bank. Meridian Financial Services, Incorporated, (MFS)a Massachusetts-chartered holding company, owned 59.5% of the Company's common stock.
In July of 2014 Meridian Interstate Bancorp consummated a second step stock conversion. MIB and its top tier holding company MFS ceased to exist and a new corporation, Meridian Bancorp, Inc. was established. Meridian Bancorp is fully public.
History
East Boston Savings Bank, the subsidiary of the company, was established in 1848 by some merchants and shipbuilders, as a result of the booming commerce in Boston.
In 2006, Meridian Interstate Bancorp, Inc. was established as a bank holding company for East Boston Savings Bank. It seeded the de novo Hampshire First Bank which was itself acquired several years later.
In 2009, Meridian Interstate entered into a merger agreement with Mt. Washington Cooperative Bank of South Boston, Massachusetts. The merger was consummated in early 2010 and Mt. Washington Bank now operates under its name as a division of East Boston Savings Bank.
In 2013, Meridian Interstate was upgraded to a Zacks Rank #1 (Strong Buy) by Zacks Investment Research.
References
External links
- Official website
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