Coastal Heritage Bank, wholly-owned subsidiary of South Shore Mutual Holding Company, and Equitable Bank today announced the completion of their merger.
Effective April 1, 2019, pursuant to the terms of the Agreement and Plan of Merger dated as of January 1, 2019, Coastal Heritage Bank and Equitable Bank will merge, with Coastal Heritage Bank as the surviving bank. As a result of the merger, Coastal Heritage Bank will have combined assets of approximately $850 million and customers of both banks will have access to fifteen banking centers located in East Bridgewater, Green Harbor, Hanover, Hingham, Marshfield, Norwell, Quincy (2), Scituate, Weymouth, East Weymouth, South Weymouth, Nahant, Kingston, and Lynn, Massachusetts. The merger will not result in any job losses or branch closings.
“We are excited to begin our partnership,” said Donald P. Gill, President and Chief Executive Officer of the combined Coastal Heritage Bank. “We are confident that our combined scale, experience, and local leadership will allow us to provide greater benefits to customers and employees, while remaining a very strong regional community bank.”
“Our combined Board of Directors and executive management team are pleased to announce the completion of the merger and look forward to implementing our shared vision,” said Robert W. Terravecchia, Jr., Vice Chairman and Chief Operating Officer of the combined Coastal Heritage Bank.