By Ian B. Murphy
Banker & Tradesman Staff Writer

Eastern Bank is closing one of its two downtown Boston locations, opting to merge existing branches instead of renewing a more expensive lease to remain at 101 Federal St.

A spokesman said staff from the branch at 101 Federal St. will move to the bank’s corporate offices at 265 Franklin St.

“We looked at it, and [our main offices] are only two blocks away, and it makes more sense to consolidate the operation,” said Joe Bartolotta, Eastern Bank’s marketing and public relations director.

The owner of 101 Federal St. is Chicago-based Transwestern Federal LLC, according to the City of Boston. Calls to the company’s offices were not returned. 

Bartolotta declined to give the owner’s new asking rent, but did say it was too high to remain in the space.

Bartolotta said the bank has filed with the Division of Banks for a branch move, and expects the location will be closed by the end of February.

Eastern Bank will look for opportunities to open another branch in Boston.

“We’re always on the lookout,” Bartolotta said. “If you can get a great space at the right price, we’re absolutely interested in getting additional locations. It has to be the right place at the right cost.”

Eastern Bank has more than 80 locations across Eastern Massachusetts.