Meridian Bancorp, Inc. (the "Company") is a Maryland corporation that was incorporated in 2014. The Company owns all of East Boston Savings Bank's stock and directs, plans and coordinates East Boston Savings Bank's business activities. The Company is the successor to East Boston Savings Bank's previous holding company, Meridian Interstate Bancorp, Inc. ("Old Meridian"), and was formed as a result of a second-step mutual-to-stock conversion (the "Conversion") of Meridian Financial Services, Incorporated, (the "MHC"), the top tier mutual holding company of Old Meridian. The Conversion was completed in 2014 at which point, the MHC and Meridian Interstate Funding Corporation were merged into Old Meridian (and ceased to exist), and Old Meridian merged into the Company.
On December 29, 2017, the Company completed its acquisition of Meetinghouse Bancorp, Inc. ("Meetinghouse"), the holding company for Meetinghouse Bank, a Massachusetts stock co-operative bank, with two full-service branches that were then merged into East Boston Savings Bank. The Meetinghouse acquisition added $120.4 million in total assets at fair value, including $75.7 million in loans and $93.8 million in deposits. The Company paid total cash consideration of $17.8 million, or $26.00 for each outstanding share of Meetinghouse common stock.
East Boston Savings Bank (the "Bank") is a Massachusetts-chartered stock savings bank, founded in 1848, that conducts its business from 37 full-service locations, one mobile branch and three loan centers 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 Suffolk, Norfolk, Middlesex and Essex Counties, Massachusetts. We attract deposits from the general public and use those funds to originate one- to four-family real estate, multi-family and commercial real estate, construction, commercial and industrial, and consumer loans, which we primarily hold for investment. Our lending business also involves the purchase and sale of loan participation interests.