East Boston Savings Bank plans to open a new branch at this location on Morrissey Boulevard. The bank— which merged with Mt. Washington Bank five years ago— will use the East Boston Savings Bank brand going forward under a plan announced last week. Reporter file photo

It has been more than five years now since Mt. Washington Bank was acquired by East Boston Savings Bank. Since that time, the South Boston-based bank has operated as a division of East Boston Savings, keeping its brand name and leadership intact.

Last week, however, the banks’ parent corporation— Meridian Bancorp, Inc. — announced that the two banks will consolidate into one brand starting in the second quarter of this year. They will be known only as East Boston Savings Bank.

“This consolidation will elevate our position in the market as a strong stable community bank with a continued commitment to our existing customers as we plan to significantly increase our marketing and branding efforts throughout our market area and beyond,” said Richard J. Gavegnano, Chairman, President and CEO of East Boston Savings Bank. “The time has come to leverage our brand to the fullest extent possible. It is clear that our future is best pursued under one name.”

The change will not result in any branch closings. In fact, the bank plans to open a new Dorchester branch later this year on Morrissey Boulevard, according to Ed Merritt, who serves as president of the Mt. Washington Bank Division. Under the consolidation, Merritt will stay on as a executive vice-president of East Boston Savings and will serve on the board of trustees.

“Customers will continue to receive the same superior service they have come to expect by the same branch personnel,” said Merritt. “The branches will however undergo branding changes over the next few months, most notably in exterior branch signs.

“The consolidation will not result in any closings of the existing nine Mt. Washington Bank branches which primarily operate in Boston neighborhoods. Nor will there be any loss of employment of staff members,” Merritt added.

The new branch is planned for the prominent corner space at 960 Morrissey Blvd., a strip mall that replaced an old Burger King more than a decade ago. The building will give East Boston Savings Bank a high-profile location on a main artery into the city.

Together, East Boston Savings and Mt. Washington boast over $3.4 billion in assets with 27 full-service branches in greater Boston.

“I wholeheartedly endorse and embrace this decision and I would do same thing if I was chairman of the board,” said Merritt, who said that the banks are well positioned to continue to grow in market share. “There are no jobs lost. Boston is the focal point for us and we’re really looking to open more branches and the best way for us going forward is to operate under one brand.”