EASTERN BANK CONNECTS TO SVPCO IMAGE PAYMENTS NETWORK.

Eastern Bank, the largest independent, mutually owned bank in New England, is now connected to the SVPCO Image Payments Network, The Clearing House has announced.

Eastern Bank is connecting to the network through the SVPCO Gateway DTA, which enables institutions to send and receive bulk files of images on a peer-to-peer basis through the network. The bank is using SVPCO's File Transfer Protocol (FTP) option, a secure, low-cost, Internet-based connection that makes it easy for institutions to link to the SVPCO Image Payments Network and exchange check images.

"The SVPCO Image Payments Network will enable Eastern Bank to achieve its strategic objective of migrating check processing operations from paper to electronic payments," said Bob Murray, Senior Vice President of Eastern Bank. "With paper check prices continuing to rise, the SVPCO Image Payments Network represents a terrific opportunity to minimize costs and streamline our operations."

The Image Payments Network offers financial institutions a variety of connectivity options. The SVPCO Distributed Traffic Agent (DTA) enables financial institutions with larger volumes to transmit check images directly to each other. The SVPCO Gateway DTA is a cost-effective solution designed for institutions with smaller volumes or who are interested in gradually ramping up their image processing capabilities. The Image Payments Network can also be accessed through an institution's correspondent banking relationship or through a third-party processor.

"Utilizing the SVPCO Gateway DTA, Eastern Bank has executed a very cost-effective image exchange strategy that fits its specific volume needs," said Susan Long, Senior Vice President of The Clearing House, responsible for SVPCO. "We're pleased to welcome another bank to the network, and we are ready to help institutions of all sizes develop and implement a customized image exchange strategy."

Eastern Bank is one of 44 institutions connected to the SVPCO Image Payments Network. Among the participating institutions are Astoria Federal Savings, Bank of America, Bank of Stockton, The Bank of New York Mellon, BB&T, Citibank, Cole Taylor Bank, Comerica Bank, Fifth Third Bank, First Citizens Bank, First County Bank, HSBC Bank, Huntington National Bank, JPMorgan Chase Bank, KeyBank, M&I Bank, M&T Bank, Members United Corporate Federal Credit Union, National City Bank, PNC Bank, RBS Citizens Bank, Regions Bank, Southwest Corporate Federal Credit Union, Sterling Federal Bank, Sterling National Bank, Suncoast Schools Federal Credit Union, Union Bank of California, U.S. Bank, Wachovia Bank, and Wells Fargo Bank. Through its connections with the Federal Reserve and Endpoint Exchange, the Image Payments Network can reach more than 10,000 endpoints and help financial institutions of all sizes take advantage of image exchange.

For more information about the SVPCO Image Payments Network, SVPCO call 212/613-9861 or visit http://www.svpco.com.

About Eastern Bank

Founded in 1818 and based in Boston, Eastern is the largest independent, mutually owned commercial banking franchise in New England. With $7.0 billion in assets and almost 90 branches stretching from Merrimack Valley to Cape Cod, Eastern offers superior service, convenience and a full range of financial products for consumers, businesses, investors, government agencies and not-for-profit organizations. Its subsidiaries include Eastern Insurance and Fantini & Gorga, a real estate advisory firm.

For more information, visit http://www.easternbank.com or call 781/596-4411.

About The Clearing House Payments Company

Formed by banks more than 150 years ago, The Clearing House operates payment systems infrastructure and facilitates forums for the U.S. banking industry. The Clearing House clears and settles more than 40 million check and electronic payments with a value of $2.4 trillion each day for financial institutions in the U.S. and around the world. The Clearing House's strategic forum brings together financial institutions to discuss and take action on payments industry issues, while its bank association addresses legal and regulatory matters of critical importance to its members.

For more information, visit www.theclearinghouse.org or call 415/239-7826.

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