Massachusetts › Finance and insurance › 1,000 to 4,999 participants
Form 5500 statement · plan year 1 Jan 2025 to 31 Dec 2025
Eastern Bank Employee Stock Ownership Plan
Sponsored by Eastern Bank, Boston, MA
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
In the plan year ending 31 Dec 2025, Eastern Bank Employee Stock Ownership Plan covered 2,491 participants and held $135M in net assets. The plan is an employee stock ownership plan sponsored by Eastern Bank of Boston, Massachusetts.
Net assets came to $40,358 per participant in plan year 2024, below the $48,746 median for defined contribution plans with 250 to 499 participants and well below the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $5.8M during the year, or $2,820 per active participant against a same-size median of $2,017; participants contributed —. Benefits paid out totalled $1.7M.
The filing reports no service provider compensation on Schedule C. That is common where fees are paid by the employer or taken from investment returns, neither of which appears there. Administrative expenses charged to the plan were $0.
Across the filings on record, net assets went from $10.2M in 2009 to $135M in 2025 (up 1220%), and participants from 248 to 2,491 (up 904%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure, plan year 2024 | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $40,358 | $48,746 | $92,294 | $53,102 |
| Employer contributions per active participant | — | $2,017 | $3,564 | $2,175 |
| Schedule C compensation per participant | — | $141 | $137 | $123 |
| Schedule C compensation, share of net assets | — | 0.30% | 0.17% | 0.26% |
| Administrative expenses per participant | — | $133 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2025 | 2,491 | $135M | $54,196 | $5.8M | — | $0 |
| 2024 | 485 | $19.6M | $40,359 | — | — | $0 |
| 2023 | 2,026 | $71.8M | $35,437 | $6.6M | — | $0 |
| 2022 | 1,886 | $116M | $61,312 | $2.4M | — | $0 |
| 2021 | 1,720 | $156M | $90,752 | $4.6M | — | $0 |
| 2020 | 1,690 | $94.2M | $55,764 | $1.0M | $0 | $0 |
| 2019 | 372 | $22.8M | $61,234 | $500K | $0 | $0 |
| 2018 | 317 | $24.2M | $76,382 | $340K | $0 | $0 |
| 2017 | 187 | $26.1M | $139,449 | $340K | $0 | $0 |
| 2016 | 281 | $20.2M | $71,847 | $340K | $0 | $0 |
| 2015 | 276 | $17.4M | $63,178 | $320K | $0 | $0 |
| 2014 | 277 | $16.0M | $57,798 | $355K | $0 | $0 |
| 2013 | 263 | $13.9M | $52,757 | $0 | $0 | $0 |
| 2012 | 253 | $12.2M | $48,229 | $206K | $0 | $0 |
| 2011 | 248 | $11.1M | $44,835 | $253K | $0 | $0 |
| 2010 | 252 | $10.8M | $42,988 | $318K | $0 | $0 |
| 2009 | 248 | $10.2M | $41,246 | $141K | $0 | $0 |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began. Earlier years filed under the plan's previous EIN or plan number are included.
Statement for the year
- Net assets, beginning of year$116,228,739
- Employer contributions$5,802,887
- Participant contributions—
- Rollovers and other contributions—
- Total contributions$5,802,887
- Total income, including investment results$30,773,213
- Benefits paid$1,696,850
- Administrative expenses$0
- Total expenses$12,001,376
- Net income$18,771,837
- Net transfers$0
- Net assets, end of year$135,000,576
Participants
- Active participants2,058
- Retired or separated, receiving benefits80
- Retired or separated, entitled to future benefits343
- Participants with account balances2,100
- Total participants, end of year2,491
Fees and service providers
No service provider organisations are listed on Schedule C for this plan year.
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Employer securities$271M · 99.4%
- Cash (interest and non-interest bearing)$1.7M · 0.6%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmWolf & Company, PC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $50,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2IStock bonus2PLeveraged ESOP3IPlan requiring that all or part of employer contributions be invested and held in employer securities
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522120: Savings Institutions.
Other plans of Eastern Bank
| Plan | Participants | Net assets |
|---|---|---|
| Sbera Pension Plan As Adopted by Eastern Bank | 3,753 | $583M |
| Eastern Bank 401(k) Plan | 3,185 | $381M |
Similar plans in Massachusetts
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Ugsoa Retirement Plan | Board of Trustees of the Ugsao Retirement Plan | 2,682 | $29.5M | $10,993 |
| Rockland Trust Co. Ee Savings PS and Stock Ownership Plan | Rockland Trust Company | 2,416 | $300M | $124,173 |
| Devoted Health 401(k) Retirement Plan | Devoted Health, Inc. | 2,752 | $95.4M | $34,659 |
| Mfsaving Retirement Plan | Massachusetts Financial Sevices Company | 2,390 | $575M | $240,471 |
| The Plymouth Rock Companies Savings and Investment Plan | Plymouth Rock Assurance Corporation | 2,878 | $505M | $175,581 |
| Digital Federal Credit Union 401(k) Retirement Plan | Digital Federal Credit Union | 2,304 | $221M | $96,065 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Eastern Bank Employee Stock Ownership Plan?
2,491 participants at the end of the plan year ending 31 Dec 2025, of whom 2,058 were active employees, with net assets of $135,000,576. Among defined contribution plans that places it in the 1,000 to 4,999 participants band, which held 17,456 plans in plan year 2024.
What does Eastern Bank contribute per participant?
The filing reports $5,802,887 in employer contributions for the year, which is $2,820 per active participant; the median for plans of the same type and size was $2,017 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports no provider compensation for the year. Administrative expenses on Schedule H were $0. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Eastern Bank. The financial statements were audited by Wolf & Company, PC. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2025 to 31 Dec 2025, received by the Department of Labor on 25 Jun 2026. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 04-3067724, plan 003, received 25 Jun 2026; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.