Eastern Bank in Boston is raising its profile by installing automated teller machines at travel plazas along some of Massachusetts' most heavily traveled highways.
The $8.8 billion-asset bank said Wednesday that it has signed a five-year a branding and licensing agreement with Paramount Management Group to add 17 ATMS at travel stops along the Massachusetts Turnpike and Routes 3 and 128. The deal would give Eastern Bank exclusive ATM rights at each of the state's designated travel service plazas along the turnpike, which stretches from Boston to the New York border.
The ATMs won't necessarily be a moneymaker for Eastern - the $2.50 fee paid by noncustomers would go to Paramount, according to a report in the Boston Globe. The benefit, said Eastern spokesman Andrew Ravens, is that it would provide "added convenience to existing customers," while raising awareness of Eastern's brand.
Eastern operates 90 branches in Massachusetts and will move into neighboring New Hampshire in October when it completes its acquisition of the $979 million-asset Centrix Bank in Bedford. The new ATM deal would give it roughly 140 ATMs across its home state.
The ATM deal could signal further expansion for Eastern outside of its traditional markets in and around Boston. "Every two to three years Eastern acquires or merges with another bank, and we don't see that track record stopping," Ravens said. "We see that likely continuing, as long as we find the right partners."