Eastern Bank signs deal with South Shore bank

Boston's Eastern Bank has won South Shore Savings Bank of South Weymouth as its 50th correspondent banking client.

Correspondent banking refers to services that banks provide for each other, such as overnight investments, delivering cash to branches and making bond investments for a bank's investment portfolio.Eastern refocused itself on that business in 1994, hiring two correspondent banking executives away from Bank of America and targeting community banks in Eastern Massachusetts with assets of as much as $1 billion.
(By Keith Reed, Globe staff)