Eastern Bank Corporation announced that Richard E. Holbrook, Chairman and Chief Executive Officer of Eastern Bank and Eastern Bank Corporation since 2007, will retire on December 31, 2016. The Board of Directors announced that it will elect Robert F. Rivers, Eastern Bank's President and Chief Operating Officer, to succeed Holbrook as Chairman and CEO of both the Bank and the holding company effective January 1, 2017. In addition, it was also announced that Quincy Miller, previously Massachusetts State President of Citizens Bank and President of its Business Banking division, will join Eastern Bank next month as Vice Chairman and Chief Banking Officer and is expected to succeed Rivers as President of Eastern Bank effective January 1, 2017.

Upon his retirement, Holbrook will continue to serve on Eastern Bank's Board of Directors.