Meridian Bancorp, Inc. and East Boston Savings Bank Announce Their 2018 Commitment to Their Employees, Infrastructure and Cha...
January 03 2018 - 8:00AM
Meridian Bancorp, Inc. (the “Company” or “Meridian”) (NASDAQ:EBSB),
the holding company for East Boston Savings Bank (the “Bank”),
following the new tax law being passed by Congress and signed by
the President on December 22, 2017, announced the following
enhanced commitments to the Bank’s employees, infrastructure
investment and charitable giving which will benefit its customers
and the communities it serves:
- The minimum wage for all employees will increase to $15 per
hour
- An additional 20% will be added to the 2017 bonus as part of
the Bank’s Incentive Compensation Plan that will be paid to the
Bank’s 500+ employees in January 2018
- An increase to the Capital Spending Budget as a result of plans
to build six new branch locations in 2018
- An increase in charitable giving by targeting $1 million in
donations to community and non-profit organizations in 2018
Richard J. Gavegnano, Chairman, President and
Chief Executive Officer, said, “While our wage policy has
consistently been higher than the state mandate of $11.00, the
passing of the new tax law has provided the Bank the opportunity to
boost its planned minimum wage hike and share those benefits with
many of the employees our customers see every day. As a result, our
Board of Directors voted to increase the Bank’s minimum wage to $15
per hour as well as increase the 2017 bonus that all employees are
eligible to receive by 20%. It is our hope that this hourly wage
increase and additional bonus commitment will attract and maintain
employees and demonstrate the Bank’s commitment to invest in our
workforce.”
According to Gavegnano, while the Bank continues
to study the provisions of the new tax law, the Bank believes it is
clear that this law supports the Bank's long-term growth prospects
and goals. "Our plan is to continue to branch out to areas in our
marketplace that are not being serviced by a community bank. East
Boston Savings Bank added two branch offices from our acquisition
of Meetinghouse Bank in Dorchester and Roslindale, and in 2018 we
will be adding branch locations in the Boston neighborhoods of
Cleveland Circle and Brigham Circle as well as locations in West
Peabody and Lynnfield. We will continue to research new branch
opportunities and stimulate economic growth by providing local jobs
and loans to help businesses and individuals thrive."
Beyond banking, East Boston Savings Bank is
committed to being a good neighbor by giving back to the
communities we serve. "Each year the Bank makes contributions
and/or donates a variety of items supporting community and local
civic groups. Our employees volunteer their time for many
meaningful causes. In 2018, the Bank and the East Boston Savings
Bank Charitable Foundation are committing to make contributions of
at least $1 million to well-deserving not-for-profit
organizations."
It is due to East Boston Savings Bank's
commitment to its employees and communities that the Bank was
recognized by The Boston Globe as one of Massachusetts' "Top Places
to Work" in 2017. "In my experience, top workplaces are where
people work well together while understanding that what they do is
worthwhile. There is no substitute for the hard work and
great customer service that our employees consistently provide. Our
employees understand what it means to go the extra mile for their
customers. I'm proud of our employees and what we accomplish
together," said Gavegnano.
Meridian Bancorp, Inc. is the holding company
for East Boston Savings Bank. East Boston Savings Bank, a
Massachusetts-chartered stock savings bank founded in 1848,
operates 33 full-service locations and one mobile location in the
greater Boston metropolitan area. We offer a variety of deposit and
loan products to individuals and businesses located in our primary
market, which consists of Essex, Middlesex, Norfolk and Suffolk
Counties, Massachusetts. For additional information, visit
www.ebsb.com.
Forward Looking Statements
Certain statements herein constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as “believes,” “will,” “expects,”
“project,” “may,” “could,” “developments,” “strategic,”
“launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These
statements are based upon the current beliefs and expectations of
Meridian Bancorp, Inc.’s management and are subject to significant
risks and uncertainties. Actual results may differ materially from
those set forth in the forward-looking statements as a result of
numerous factors. Factors that could cause such differences to
exist include, but are not limited to, general economic conditions,
changes in interest rates, regulatory considerations, and
competition and the risk factors described in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q as filed
with the Securities and Exchange Commission. Should one or more of
these risks materialize or should underlying beliefs or assumptions
prove incorrect, Meridian Bancorp, Inc.’s actual results could
differ materially from those discussed. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release.
Contact: Richard J. Gavegnano, Chairman,
President and Chief Executive Officer(978) 977-2211
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