Robert Rivers, executive chair and chair of the Board of Directors at Eastern Bankshares, Inc. and Eastern Bank, spoke about his career path and community focus in an interview released on Mar. 31. Rivers also serves as the Boston Federal Reserve’s representative to the Federal Reserve System’s Advisory Council.
Rivers said that staying connected to local communities is essential for banks like Eastern, which operates across Massachusetts, New Hampshire, and Rhode Island. He explained that investing in these communities strengthens both the region and the bank itself. “The more we invest in our communities, the stronger they become, and that directly strengthens our business,” he said.
He described how his early experiences shaped his career goals: “When I was a senior at Stonehill College…I wrote, ‘I’m going to be the president of the largest bank based in Boston by the time I’m 40.'” Though he did not expect it then, Rivers later became president of Eastern Bank at age 42.
Discussing challenges facing New England banks today, Rivers identified housing affordability as a major concern impacting talent retention and local economies. He noted that younger people are leaving for states with lower housing costs: “It limits our ability to attract and retain talent…the loss of labor…threatens the viability of our small business customers.”
On transitioning from a mutual bank after two centuries to becoming a public company through mergers, Rivers said it allowed for faster growth but brought operational challenges: “Becoming a public company gave us resources to invest…we’ve grown rapidly over five years—including tripling in size through three major mergers.”
As part of his role on the Federal Advisory Council—comprised of bank CEOs from each Federal Reserve district—Rivers gathers regional economic perspectives for policymakers. “These are things you can’t always see in data,” he said about providing real-time insights from New England.
The Federal Reserve Bank of Boston supports community revitalization through research and outreach efforts according to its official website. The institution operates as part of the U.S. Federal Reserve System according to its official website and works to foster economic stability nationwide through monetary policy formulation according to its official website. Susan Collins has served as President and CEO since July 2022 according to its official website, overseeing operations across all six New England states according to its official website while contributing regional economic analysis for national policy decisions according to its official website.
Looking ahead, Rivers emphasized continued engagement with other banks in his district: “My role as a representative is to reach out…to collect information…and perspectives about the economy.” He added that despite being among smaller banks on the council by asset size, there remains much more for him—and others—to learn.
