Showing posts with label commerce. Show all posts
Showing posts with label commerce. Show all posts

Friday, September 4, 2020

R.I.P Mike Valerio, Italian immigrant who started Papa Gino's pizza on Bennington Street

Michael A. Valerio 1931-2020
Reprinted from StandAmerica.us.

It is my sad duty to inform you that Michael A. Valerio, “Mike” to his friends, went home to heaven on Wednesday afternoon, September 2nd.

He was a faithful husband to Helen, loving father to Linda, Laura and Michael Jr. He was an Army veteran, a successful entrepreneur and businessman, a philanthropist and to me and many others, a very dear friend. He will be missed beyond measure, and the grief of those who knew and loved him is deep.

Mike was not a man who sought the spotlight, but behind the scenes he was a force of nature. After military service, he started a small pizza shop in 1953. With his wife Helen by his side every step of the way, they labored long hours, refused to go into debt and over the next three decades, turned a modest storefront in East Boston into over 200 stores, one of the largest restaurant chains in New England - Papa Gino’s of America.

Cooking remained a passion and past time for Mike long after his retirement as a restauranteur. He was often cooking when I called him, preparing a pasta dinner for Helen and himself. His love for his wife, children and family was demonstrated in ways small and large. If you met Mike and Helen in a social setting, you would have no hint of how successful they were. He carried himself with an unassuming humility, and yet he was one of the most generous men I’ve had the privilege of calling a friend.

He was also one of the hardest working people in America. I often awakened to find emails from him written at 2, 3 or 4 am about some idea he had and was anxious to talk to me about. I used to wonder when he slept. His energy was absolutely amazing, and reminds me of another outstanding leader on the scene today, President Donald J. Trump, who Mike deeply admired and vigorously defended.

I have known Mike and Helen for 37 years. He and his wife are the God parents of my youngest daughter. He was a member of my board of directors, and has been a significant donor since the day this organization was founded in 2009. He and I worked together on most of his major projects to help the country going back to the early 1980’s. I was a commentator on “Topic Religion” a radio program on the station he and Helen purchased in Boston in 1983.

We were allies and wide eyed idealists in Massachusetts politics who actually believed that we could take the state for conservative Republicans. We gave up on Massachusetts, but Mike never gave up on America. He was a courageous patriot who put his heart, soul, time, energy and money into helping save our country from the liberalism and progressivism which is now being exposed as socialism and communism.

Michael A. Valerio, was born in Italy, about 50 miles southeast of Rome. He was only five years old when he immigrated to the United States with his family, settling in the predominantly Italian East Boston. He grew to love America with a passion. When he achieved the capability, Mike expended tremendous effort and resources to preserve the nation he loved and the opportunities it gave him. He went from poor immigrant kid to prosperous businessman.

For those of us who knew him, the greatest parting gift we can offer is to remain vigilant and unrelenting in our quest to preserve America’s freedom, Judeo-Christian culture, economic and entrepreneurial vitality and faith in God. He wanted to make sure that the American people understand the threat posed by communism, in whatever guise it takes - progressivism,  Marxism, socialism or fascism. To Mike, it all springs from the evil human inclination to rob others of freedom. To assure the future of our country, he spent his life trying to stamp out this ideological poison. Mike will not be here to vote on November 3, but had he been, he was going to strike a blow for freedom by casting his vote for Donald Trump.

This is my first opportunity to publicly express my love and gratitude to Mike and Helen for their years of faithful friendship and support. STAND is one of many nonprofit organizations to which they donated. However, whether we were working on a project together or just waiting to figure out the next move, he was my dearest friend.

Please pray for his wife Helen, their children, grandchildren, extended family and all of his friends as we grieve the departure of this great patriarch and patriot. He fought for this country to the very end, and he is already missed.

Rest In Peace Mike. Thank you for your service to our nation. We will use the memory of your dedication and sacrifice as yet another reason to fight on. We will not let you down. America will remain a shining city on a hill.

God bless,

Bishop E.W. Jackson Sr.

Founder/President

Tuesday, January 15, 2019

ThreadTech Announces Grand Opening of East Boston Headquarters

EAST BOSTON, MA - Boston-based fashion hub, ThreadTech, will open its doors on Thursday, January 24th, from 6:30-8:30pm with an official Ribbon Cutting Ceremony at 7pm.

Occupying a historic former cotton mill, Maverick Mills, the event will be a night to remember. Staged by modern & contemporary Italian furniture manufacturer, VIP Saloti, and office furniture provided by Wayfair, the event will feature light cocktails and a tour of ThreadTech’s facilities, which will be home to Fashion Group International of Boston.

ThreadTech takes Fashion Designers from design to market, faster. Apparel companies can develop, produce, sell and distribute their clothing brands in one place. The first of its kind, ThreadTech offers deep experience in clothing development and apparel production.  

“The former Maverick Mills building is the perfect home for ThreadTech as it brings the rich history of textiles in New England – a process that completely transformed the way clothes are produced,” explains Donielle Martorano McKeever, Founder at ThreadTech with over 18 years experience in the fashion industry including production, mentoring, consulting and product development. “Now, over 60 years later, ThreadTech’s business model is again reinventing the term American-made, and we are thrilled to finally introduce our headquarters to the Boston community.”

ThreadTech is located at 175 William F McClellan Hwy, East Boston. 

The property has ample parking and is located minutes from Logan International Airport, Downtown Boston, public transportation and major highways. 

To learn more about ThreadTech’s services visit threadtechboston.com or reach out to ThreadTech’s VP of Sales, Thom Laub, at sales@threadtechboston.com.



Tuesday, June 26, 2018

From Main Streets: Celebrate the 2018 Business of the Year and 2018 Volunteer of the Year

Mayor Walsh and East Boston Main Streets invite the East Boston Community to Celebrate the 2018 Business of the Year and 2018 Volunteer of the Year on Saturday, June 30th at 10:00am


Mayor on Main:  Join Mayor Walsh and East Boston Main Streets’ Executive Director Max Gruner on Saturday, June 30th at 10:00am at 98 Prescott Street in East Boston to recognize this year’s recipients of the Business of the Year and Volunteer of the Year awards.

East Boston, MA 25 June-2018 Now in its 22nd year, Mayor on Main and Main Streets will be recognizing this year’s Volunteer of the Year and Business of the Year for East Boston on Saturday, June 30th at 10:00am at Jendriel Collision Center, 98 Prescott Street in East Boston.

This year’s winners are:

Hector Guerrero, owner of Jendriel Collision Center:
Mr. Guerrero opened his business in East Boston 25 years ago, the same year his child was born and named the shop after his son, Jendriel.  Hector believes in excellent customer service and always prioritizing the best interest of his clientele.  His business is based on honesty, transparency, and highest quality work at an affordable price.  Hector thanks the East Boston community for their two decades of support and is grateful to the City of Boston for helping him grow and succeed.  A long time supporter of East Boston High School sports programming, Hector is looking forward to many more successful years in Eastie.

Dan Bailey:
Mr. Dan Bailey is a very effective community leader continuing the proud East Boston tradition of citizen engagement.  Always polite and professional, exceptionally well informed and well spoken, Mr. Bailey is the indefatigable face and leader of East Boston’s preservation movement.  Mr. Bailey consistently guides and focuses the energy of the community, brings people together for specific, well- defined, and tangible causes.  Mr. Bailey is an accomplished researcher, has created numerous important historical documents relevant to East Boston and is the consistent, calm voice of reason asking hard questions and proposing reasonable alternatives.

For more information contact Max Gruner at East Boston Main Streets at 617-561-1044

EBMS is a non-profit corporation. Its mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work, and do business in East Boston.

Source: East Boston Main Streets

Monday, January 22, 2018

22nd Taste of Eastie on Thursday, January 25th, 2018: List of Vendors

East Boston, MA (January 21, 2018) – East Boston Main Streets Proudly Presents the 22nd Annual Taste of Eastie on Thursday, January 25th, 2018.

East Boston Main Streets invites the public to the 22nd Annual Taste of Eastie at the Hilton Boston Logan Airport Hotel on Thursday, January 25th, 2018 from 6:00-9:00pm. 

Food and fun highlight this wonderful evening including raffles and auctions. 

Local food merchants will showcase their delicious cuisine, including tastes from South and Central America, the Mediterranean, China, the Middle East, and Italy.  

Saxophonist Mauricio Catano will provide musical entertainment and the event will feature Sleight of Hand Entertainer and On-Floor Magician Felice Ling.

ALBERT A. RUSSO IMPORTS
88 Cottage St. EB 02128
617.569.6995

LA HACIENDA
150 Meridian St. EB 02128
617.590.9212

ANGELA’S CAFÉ
131 Lexington St.
617.567.4972

LOLLY’S BAKERY
158 Bennington St. EB 02128
617.567.9461

BRASIL BRAZIL
31 Maverick Sq. EB 02128
617.561.6094

LOS AGAVES
950 Broadway, Chelsea 02150
617.466.0818

CELESTE MYERS 
BUSINESS & EVENT CONCEPTS
businessandeventsboston@gmail.com
617.913.3332

MAVERICK MARKETPLACE CAFÉ
154 Maverick St. EB 02128
617.455.6232

CUNARD TAVERN
24 Orleans St. EB 02128
617.567.7609

PEACHES & CREAM
73 Bennington St. EB 02128
617.889.1900

DAVID’S TEA
298 Washington St. Boston 02108
617.292.0098

DOUGH EAST BOSTON
20 Maverick St. EB 02128
617.567.8787

POLLO CAMPERO
188 Border St. EB 02128
617.568.9500

REELHOUSE
6 New St. EB 02128
617.895.4075

DOWNEAST CIDER HOUSE
256 Marginal St. EB 02128
857.301.8881

RENEGADE’S PUB
1004 Bennington St.
617.418.7690

EAST BOSTON FARM STAND
75 Meridian St. EB 02128
617.567.1290

RINCON LIMENO RESTAURANT
409 Chelsea St. EB 02128
617.569.4942

EASTIE FARM
294 Sumner St. EB 02128
617.335.2278

RINO’S PLACE
258 Saratoga St. EB 02128
617.567.7412

FAZENDA COFFEE ROASTERS
502 Sprague St. Dedham 02026
617.787.5282

SAMMY CARLO’S 
DELICATESSEN & CATERING
567 Bennington St. EB 02128
617.567.0058

GREAT CHEF CHINESE RESTAURANT
390 Chelsea St. EB 02128
617.569.3100

SPINELLI’S FUNCTIONS & CATERING
282 Bennington St. EB 02128
617.567.4499

HILTON LOGAN AIRPORT HOTEL
CONNOLLY’S PUBLIK HOUSE
1 Hotel Dr. EB 02128
617.568.6700 

TAQUERIA JALISCO
291 Bennington St. EB 02128
617.567.6367

HYATT HARBORSIDE
101 Harborside Dr. EB 02128
617.568.1234

TOASTED FLATS
53 Chelsea St. EB 02128
857.264.8531

LA CANCUN RESTAURANT
192 Sumner St. EB 02128
617.567.4449



Tickets are $35.00 ($40.00 at the door) and can be purchased online at www.tasteofeastie2018.eventbrite.com
For more details please contact EBMS at director@ebmainstreets.com or call 617-561-1044.

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EBMS is a non-profit corporation. Its mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work, and do business in East Boston. 


Wednesday, December 20, 2017

Frisco Fastball: How Many Meridian Bancorp, Inc. Analysts Are Bullish?

"Investors sentiment decreased to 1.27 in 2017 Q2. Its down 0.22, from 1.49 in 2017Q1. It is negative, as 8 investors sold Meridian Bancorp, Inc. shares while 36 reduced holdings. 19 funds opened positions while 37 raised stakes. 34.14 million shares or 1.16% less from 34.54 million shares in 2017Q1 were reported." Read more at Frisco Fastball

Tuesday, December 19, 2017

Meridian Bancorp Receives Regulatory Approvals for Acquisition of Meetinghouse Bancorp


BOSTON, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Meridian Bancorp, Inc. (NASDAQ:EBSB), the holding company for East Boston Savings Bank, announced today that it has received the requisite regulatory approvals and waivers from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Massachusetts Division of Banks necessary to complete the acquisition of Meetinghouse Bancorp, Inc. and the related merger of Meetinghouse Bank with and into East Boston Savings Bank. Read more at CityBizList.

Sunday, February 14, 2016

East Boston Savings Bank Honors Board of Director Vincent D. Basile

(EAST BOSTON) On January 12th, the Board of Directors and the management team of East Boston Savings Bank joined Chairman, CEO and President Richard J. Gavegnano for a reception to honor retiring Board of Director member, Vincent D. Basile.

The reception was held at the Rosaria Steakhouse and Function Facility in Saugus.

Mr. Basile has served as the Corporate Secretary of Meridian Bancorp, Inc. (formerly, Meridian Interstate Bancorp, Inc.) and has been a Corporator of Meridian Financial Services, Inc. since 1977. Throughout his career, he was a self-employed Management Consultant, a Clerk of Meridian Financial Services and held the position as a Regional Administrator in the Massachusetts Office of the Commissioner of Probation. In addition to his career contributions, he proudly served his country as a Lt. Colonel in the U.S. Army Reserve.

Mr. Basile has been an Independent Director of Meridian Bancorp, Inc. since 2002 and has since served as a member of the Board of Directors for East Boston Savings Bank until December 31, 2015.

“Vinny has truly been an asset to the growth and success of EBSB throughout the years, and his years of dedicated commitment and service to the bank will continue to speak volumes within the communities that we serve, said Gavegnano.

Founded in 1848, EBSB is a proven community bank that offers products and services that meet the deposit and financing needs of both consumers and businesses.  And customers can rest easy knowing that their deposits are fully insured by both the FDIC and Depositors Insurance Fund (DIF). 

East Boston Savings Bank currently operates 29 full-service branches in the greater Boston metropolitan area, and offers a variety of deposit and loan products to individuals and businesses located in its primary market, which consists of Essex, Middlesex and Suffolk counties.

Board Member Vinny Basile honored upon retirement from East Boston Savings Bank board (L-R) EBSB Board of Director member Edward Lynch and Domenic Gambardella ; Chairman, CEO and President Rich¬ard J. Gavegnano; Vincent D. Basile; and Jim DelRossi.




Source: East Boston Savings Bank

Monday, August 10, 2015

East Boston Main Streets Highlights Acoustic on Main August 14-23

(EASTBOSTON – August 10, 2015)– Back by popular demand, East Boston Main Streets invites East Boston businesses to participate in “Acoustic on Main,” a 10-day event in East Boston’s Main Streets District celebrating and promoting local small businesses and musical performers. 

Beginning Friday August 14th through Sunday August 23rd, 10 am - 10 pm, all Main Streets small businesses are invited to host acoustic performances with up to 5 instrumental or vocal performers - no need to apply for a live entertainment license and no fees. The hours have been expanded from the last time we did this to encompass more daytime performance opportunities (brunch anyone?), and coincide with several great retail events including The Sales Tax holiday (Sat & Sun, August 15-16)

"We are excited to enliven our Main Streets districts with music to support our local businesses while also supporting our local musicians," said Mayor Walsh. "Consider shopping locally and taking in a performance during Acoustic on Main and empower our neighborhoods to thrive."

Businesses and musicians who wish to participate can register at the Acoustic on Main website (http://www.cityofboston.gov/acousticonmain/), and businesses hosting events are also welcome to submit those events to the City of Boston’s online calendar.  As the schedule develops, members of the public are encouraged to follow and engage with the event using #AcousticOnMain.  

Business Registration link:  http://bit.ly/1KCtWJ3
Musician Registration link: http://bit.ly/1SOQDMi

"This is a great opportunity to showcase acoustic performers and to highlight our thriving business district by connecting musicians to business owners.  We encourage East Boston residents and visitors alike to shop our local businesses, eat at our local restaurants, and cheer on our local musicians. Small businesses truly are the catalyst for so much positive change in our community – let’s get out and support them while also supporting local live music," explains Max Gruner, Executive Director of EBMS.

Acoustic on Main is a partnership of Mayor Martin J. Walsh, the City Council's Committee on Arts & Culture and Committee on Small Business, Entrepreneurship & Innovation, Office of Arts & Culture, Consumer Affairs and Licensing and Office of Business Development.

EBMS is a non-profit corporation. Our mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work and do business in East Boston.

Tuesday, June 9, 2015

East Boston Main Streets Announces East Boston Neighborhood Health Center and John Tyler as Business and Volunteer of the Year

BOSTON, MA (June 8, 2015) – On Thursday, June 25, East Boston Main Streets will join Mayor Walsh at the Strand Theatre on 543 Columbia Road in Dorchester to honor the 2014 recipients of the East Boston Outstanding Business Award and Outstanding Volunteer Award.  

“I am absolutely thrilled to be able to announce this year’s award recipients.  Both the EBNHC and John Tyler have been tireless advocates for East Boston and their partnership and friendship has greatly enhanced the impact that EBMS has been able to have on the East Boston community,” says Max Gruner, Executive Director of East Boston Main Streets.




This year’s winner of the East Boston Main Streets Volunteer of the Year Award is John Tyler for his unfaltering support and tireless work on behalf of the East Boston business district.  


In particular, EBMS would like to recognize John Tyler for his over 150 hours of volunteer time, his expertise and superior welding skill, as well as for opening up his work space to us in the construction from scratch of over a dozen magnificent tree-pit surrounds as part of a much needed and on-going beautification initiative in East Boston.
 

The East Boston Neighborhood Health Center is awarded the Business of the Year Award 2014.  The EBNHC, now in its 45th year, has been a tremendous partner to EBMS over the past 20 years.  In particular, we would like to recognize EBNHC’s untiring and innovative support of the Neighborhood Business Institute, an educational subsidiary of East Boston Main Streets.  We thank the Health Center for use of its training space and equipment, for sharing its staff’s expertise, and ongoing positive outlook and friendship of its administration throughout the planning and implementation of this unique and impactful program.
 

Both recipients will be honored by Mayor Walsh at the Annual Awards Ceremony which will take place on Thursday evening, June 25th at the Strand Theater in Upham's Corner at 6:00pm.  “We encourage members of the East Boston community to join us for this truly fabulous event and to cheer on these two outstanding and well deserving award recipients,” says Jim Buckley, EBMS board chair.
 

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EBMS is a non-profit corporation. Our mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work and do business in East Boston.

Monday, March 30, 2015

East Boston Main Streets to Host Second Monthly Merchants’ Meeting

This just in from Max Gruner at EBMS:

(EASTBOSTON, MA; MARCH 30, 2015) – East Boston Main Streets invites the East Boston small and micro business community, residents, as well as public employees and city officials to our second monthly Merchants’ Meeting on Tuesday April 8th from 11:00am-12:30 at the Market Place at 154 Maverick St. on the 4th floor.


Meet your peers, share ideas about how to make this summer the best yet for our small business community, discuss challenges and solutions to problems we all face in the community, and hear from our elected officials and the officers from the Boston Police about all that is going on in our neighborhood. 
 

We are proud to introduce Jose Luis “Pepe” Rojas from the Massachusetts Growth Capital Corporation as our guest speaker to discuss financial resources available to businesses especially hard hit by this winter’s never ending blizzards.
Coffee and snacks provided.

For more details or ques tions please contact Max Gruner at mgruner@ebmainstreets.com or Antonio Arevalo at a.vip.guest@gmail.com or call the EBMS office at 617-561-1044.

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EBMS is a non-profit corporation. Its mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work, and do business in East Boston.













Monday, June 30, 2014

East Boston Main Streets Honored By Boston City Council

East Boston, MA (June 28, 2014) – On Friday, June 15th, East Boston Main Streets Executive Director Max Gruner and Director of Community Outreach Antonio Arevalo were presented by City Councilor Sal Lamattina with a commendation from the Boston City Council recognizing Main Streets’ effort in successfully bringing the inaugural Eastie Week 2014 to the East Boston Community.


“A special thanks and token of appreciation needs to be paid to Max Gruner and Antonio Arevalo,” said Councilor Sal Lamattina. “Not only did they organize 10 days of successful programming for Eastie Week, they never cease to take advantage of every opportunity to incorporate all of the residents of East Boston no matter what the holiday or occasion may be. These two men symbolize what makes East Boston stand out from the rest of the city, the ability to accept and include everyone and make them feel at home. No one should ever be afraid to embrace their culture or where they came from and Max and Antonio know that all too well. Congratulations and keep up the great work”!

After having organized consecutive daily events for a week and a half that included a complimentary harbor cruise enjoyed by over 700 East Boston residents, open studios highlighting two original art installations commissioned especially for Eastie Week, an original documentary movie screening produced for East Boston, as well as numerous social events that included community yoga and salsa socials, the East Boston Main Streets team was found celebrating Fathers’ Day at the culminating Block-Party on Maverick Street.  “It is wonderful to see EBMS’ effort in the community recognized by the city council, and I am particularly honored to see our great and hard working staff be acknowledged in this way,” said Max Gruner, executive director of EBMS.

For more details or questions please contact Max Gruner at mgruner@ebmainstreets.com or at 617-561-1044.

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EBMS is a non-profit corporation. Its mission is to create a more vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work, and do business in East Boston.







Friday, February 15, 2013

East Boston Main Streets chooses new executive director, Max Gruner

(East Boston, MA) February 13, 2013....The Board of Directors of East Boston Main Streets, a community development and support organization serving East Boston’s businesses and residents since 1995, has announced the selection of Max Gruner as its new Executive Director.  Mr. Gruner will fill the vacancy created by Clark Moulaison’s departure in January to open Carmella’s Market at 86 Cottage St.  The selection was made after an extensive regional search and selection process.

“We are very pleased to announce this appointment,” reported Elizabeth Tanefis, Board President at East Boston Main Streets.  “Max will bring leadership and creativity to the organization and its programs as well as a strong sense of commitment to the future, sustainable development of East Boston.”

Mr. Gruner’s resume includes over 15 years of non-profit management experience.  He has served as a leader in the arena of Health and Human Services, particularly Developmental Disability, Education, Community Development, and Transportation.  Mr. Gruner holds a Master’s Degree as well as numerous certifications in non-profit management.  Prior to this appointment he was a founding partner in a strategic consulting group, was executive director of a state-wide trail organization, and served as a senior manager of a human service organization.  Mr. Gruner has founded several non-profits, has served on numerous boards, as well as having founded a language immersion charter school.

“I look forward to partnering with the people and businesses of East Boston to continue to increase the quality of life of all residents and to create a vibrant and prosperous business district that will benefit all who live, work, and visit East Boston,” remarks Mr. Gruner.  “I am dedicated to this work because it provides us an opportunity to showcase the rich cultural heritage, natural beauty, and vibrant business opportunities of a community that is ideally situated to truly becoming the Gateway to Boston.  East Boston Main Streets, in partnership with all our private and public partners, plays a key role in supporting and developing the innumerous opportunities for growth in order to increase the areas quality of life for all.”

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East Boston Main Streets is a public/private partnership initiative of Boston Main Streets, which was established by Mayor Thomas M. Menino. The program has been operating in East Boston since 1995 to create a vibrant business district by initiating private and public improvements, promoting commerce, and supporting efforts to improve the quality of life for all who live, work and do business in East Boston.  East Boston Gateway, Inc. is a Non-Profit Organization Recognized under Section 501(c)(3) of the Internal Revenue Code

Source:  Max Gruner  February 15, 2013 617-561-1044 via mgruner@ebmainstreets.com

Thursday, November 3, 2011

East Boston Main Streets to hold annual meeting on Tuesday, Nov. 15

On Tuesday November 15, 2011 East Boston Main Streets will hold its annual meeting and it is open to the public.

(East Boston, MA. November 4, 2011) East Boston Main Streets will host its annual meeting on Tuesday November 15, 2011 from 9:00 AM to 1:00 PM at the Main Street office; 146 Maverick Street East Boston. Board members will be on hand to answer questions and provide information on the activities and events the organization is sponsoring. All members are encouraged to attend. For more information call 617.561.1044 or visit www.ebmainstreets.com.

This post has been corrected.

Thursday, October 22, 2009

EBSB Parent, Meridian Interstate Bancorp, Reports Net Income

REUTERS: Meridian Interstate Bancorp, Inc., Reports Results for the Three and Nine Months...

BOSTON, Oct. 22, 2009 (GLOBE NEWSWIRE) -- Meridian Interstate Bancorp, Inc. (the "Company" or "Meridian") (Nasdaq:EBSB), the holding company for East Boston Savings Bank (the "Bank"), announced net income of $1.9 million or $.09 per share (basic and diluted), for the quarter ended September 30, 2009, compared to net income of $2.1 million, or $.10 per share (basic and diluted) for the quarter ended September 30, 2008. The Company recorded net income of $1.7 million or $.08 per share (basic and diluted) for the nine months ended September 30, 2009, compared to a net loss of $394,000 for the comparable 2008 period. Earnings per share information is not applicable for the nine months ended September 30, 2008, as shares were not outstanding for the entire period.

Notable items in 2009 include the following:
* Total loans increased by $74.7 million, or 10.5% from December 31, 2008.

* Deposits increased by $125.2 million, or 15.7% from December 31, 2008.

* The net interest margin improved for the sixth consecutive quarter, increasing from 3.18% for the quarter ended June 30, 2009 to 3.35% for the quarter ended September 30, 2009.

* To increase the Bank's brand exposure in Suffolk County, the Company initiated a new strategic marketing campaign in September 2009, which is entitled "Hard Work" and highlights the Bank's community focus and commitment to hard work.

* In September 2009, the Bank hosted an open house at its newest branch in Medford, MA, bringing the number of locations to provide convenient customer service to 13.
Richard J. Gavegnano, Chairman and Chief Executive Officer of the Company, noted that, "The Bank continues to see great opportunities in lending and healthy growth in deposits. Yields on new loans remain stable, and the Bank's cost of funds has decreased sharply, enhancing net interest income. Our capital position is a source of stability for the Bank and provides us the ability to capture relationships from customers disaffected by larger institutions."

More here.

Meanwhile, the stock closed at $8.61 today.