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The story of Eastern Savings Bank is a story of success. The Bank, then named Eastern Building and Loan Society of Baltimore City, was established in 1905 as a Maryland state chartered mutual building and loan association. By the mid-1900s, Eastern Building and Loan was only one of over 200 small savings and loan associations in the Baltimore area and was open just a few hours every Monday night to cater to its customers’ limited financial needs. Throughout the years, Eastern Building and Loan maintained its neighborhood savings and loan image by catering to a customer base consisting primarily of local residents.

In 1975, Eastern Building and Loan, still a small one-office association, had big dreams for a successful future. Square Permanent Building and Loan, though slightly larger, was another small association with a drive for success. After deliberating, the two banks agreed that a merger between them would be a wise and profitable decision. The merger took place on December 30, when the two became Square Permanent Building and Loan. At that time, Square Permanent was located on Eastern Avenue in Baltimore City and had branches in Overlea and Easton. With this productive merger, the development of the Bank, soon to be known as Eastern Savings and Loan Association, was well in progress.

In September 1980, the Board of Directors approved the conversion of Eastern Savings and Loan Association from a mutual association to a capital stock corporation. The conversion was completed in the spring of 1981, and Harold Goldsmith, a respected businessman from Baltimore, purchased the majority of stock and assumed the offices of President and Chief Executive Officer. At that time, Eastern Savings and Loan had $7 million in assets. In the fall of 1981, under Mr. Goldsmith’s leadership, a new branch was opened in Pikesville, and the Association began developing new products and services responsive to the lifestyles and financial needs of the consumers of the day.

Keeping up with the rapidly changing financial industry, Eastern Savings and Loan converted from a state chartered savings association to a federally chartered and insured savings bank. On January 14, 1986 the Association changed its name to Eastern Savings Bank, fsb. In the fall of 1995, a fourth branch was opened; this time, in Ellicott City. This branch opening was the latest element in making Eastern Savings Bank the Bank we know today.

Throughout the 20th century, the financial industry was a roller coaster of successes and failures. Following the Great Depression of 1929, the banking system was in chaos. Banks tried to collect on loans made to stock market investors whose holdings were then worth little to nothing at all, and, unable to raise fresh funds from the Federal Reserve, found their attempts to survive to be quite futile as banks began failing by the hundreds. However, Eastern pulled through hard times and emerged as a healthy financial institution. Having survived the Great Depression, Eastern was optimistic and eager to face any accomplishment or obstacle that lay ahead.

   
         
   
Over the years we have never taken our role as a community bank lightly, which is why we donate both time and money to numerous organizations throughout Baltimore. We are proud to support those organizations that benefit the community, especially those that provide disadvantaged children and families with the assistance they need. Here are just a few of the organizations that we have supported over the years:
   
Catholic Charities
Rebuilding Together Baltimore
CHAI - Comprehensive Housing Assistance, Inc.
Habitat for Humanity
Living Classrooms Foundation
The Maryland Coalition for Financial Literacy
The Women's Housing Coalition
The Chesapeake Bay Foundation
Johns Hopkins Childrens Center
CASA of Baltimore County
Susan G. Komen Race for the Cure
Maryland Food Bank
American Red Cross
Children's Cancer Foundation
Civic Works
The Preston Mitchum, Jr. Foundation
Baltimore CASH Campaign
Maryland Business Roundtable for Education
   
         
    The Bank also continues to partner with a local organization within the community of each deposit branch by donating $5 for every account opened. We salute the vision and actions of each of these outstanding organizations, which include:
   
Ahavas Yisrael Charity Fund
Family and Children's Services of Central Maryland
Jewish Family Services
St. Peter's Pantry
Voices for Children of Howard County
St. Vincent's Villa
   
   


   
    Eastern Savings Bank currently has four savings branches in Maryland and lending offices in Hunt Valley, Maryland and Pittsburgh, Pennsylvania.    
         
         

 

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