Major bank closes 8 branches in huge shake-up to customers - but theres a silver lining for staff
A MAJOR bank will close eight branches as it makes a big change to its structure.
Eastern Bank is set to shut these locations as it merges with another local bank.
The chain is set to acquire fellow New England bank Cambridge Trust.
Accounts at closing branches are due to be consolidated into neighboring locations.
The chain has announced that affected employees will not lose their jobs and they will be offered positions elsewhere in the business, according to the Boston Globe.
Each branch is home to three to five employees.
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The Eastern locations that are set to close will include branches in Massachusetts and New Hampshire.
Two locations on Franklin Street in downtown Boston will close, as well as two locations in Cambridge, according to the Boston Globe.
Massachusets will also lose an Eastern Bank in Wellesley and in Lexington.
Two final locations will leave Dover and Portsmouth, New Hampshire.
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Eastern Bank will have 109 branches across the North East after the planned shutdowns, and it is currently the fifth-largest bank in Massachusetts, according to the Boston Business Journal.
This merger will also affect Cambridge Trust which is also set to lose three of its branches.
The locations will be in Andover, Massachusetts, Newton, Massachusetts, and Bedford, New Hampshire.
The merger is expected to be completed early next year, pending regulatory approval.
The US Sun has reached out to Eastern Bank for comment.
This news comes as more and more banks have announced closures across the US, as reported by The US Sun.
Bank of America is set to shut 15 branches across six states this month.
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