Correspondent Banking Services Growing at Hub-Based Eastern
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| Boston-based Eastern Bank announced today it has now has 50 banks using its correspondent banking services. |
By Andrea Gregory
For decades, banks have been doing business with other banks when it comes to overnight investments: clearing checks drawn on other institutions, delivering coin and currency to branches and ATMs and buying and selling bonds for a bank’s investment portfolio, among other things. It can be an interesting relationship – competitor by day business partner by night – said Lloyd Hamm Jr., chief administrative officer for Boston-based Eastern Bank.
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