Eastern Bank to close Lynnfield branch

Eastern Bank will close its Lynnfield branch at the intersection of Salem Street and Route 1 on May 29 as part of what a bank spokesman called “a larger strategic shift” from drive-up or walk-in banking to online financial management.?Folks bank differently these days – there?s rapid growth in both online and mobile banking, while branch traffic has decreased,” said Eastern Bank spokesman Andrew Ravens.Eastern sent out “Dear Valued Customer” letters to account holders informing them Eastern petitioned state bank officials for permission to close the 771 Salem St. branch.The letter invites customers to continue banking at Eastern?s 605 Broadway branch in Saugus, three miles down Route 1. The letter also states that Salem Street branch employees “will be transferred to nearby Eastern Bank offices to continue serving your financial needs.”?We?ll likely increase the hours of nearby branches to accommodate the potential increase in foot traffic,” Ravens said.Ravens said the Lynnfield branch that will be closed is close to other branches in Saugus on Route 1, at 45 Salem St., Lynnfield, and on Lynn Street in Peabody.?Branch closings are part of a larger strategic shift in the banking world. When we do close a branch we take those resources and apply them elsewhere,” he said.Ravens said Eastern is outfitting banks with interactive teller machines, computer hookups in mini-branches that permit a full range of online banking and private video conference stalls allowing account holders to remotely converse with a bank representative.?Mobile banking is exploding in popularity across the industry. Branches, in general, are a little meaner and leaner,” Ravens said.The Lynnfield branch closing will leave Eastern with 102 branches, according to Ravens.