UPDATE: Keefe Bruyette & Woods Downgrades Meridian Interstate Bancorp to Market Perform on Valuation

Keefe Bruyette & Woods reduced its rating on Meridian Interstate Bancorp

from Outperform to Market Perform. Keefe Bruyette & Woods noted, "The growth story of EBSB continues to hum along as excess capital and recent expansion of the bank's commercial lending has led to a steady flow of growth. That said, we still value the shares on a fully converted basis which we do not view as a near-term event. As a result, recent price appreciation leads us to move to Market Perform from Outperform." Meridian Interstate Bancorp closed at $17.31 on Thursday.