Coastal Heritage Bank

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Home Search for "covid"

Search Results for: covid

April 18th, 2022 – COVID-19 Update from Coastal Heritage Bank

The safety and well-being of our customers, community and employees continues to be our top priority. We appreciate your continued loyalty during this extraordinary time. While current conditions appear to be improving, we actively monitor evolving recommendations from the Commonwealth of Massachusetts as well as The Massachusetts Bankers Association regarding banking operations. Please know that Coastal Heritage Bank remains fully operational.

A few important new points to keep in mind:

  • Our branch lobbies are fully-open. This means that:
    • Vaccinated customers may enter branch offices without a face covering.
    • Non-vaccinated customers are required to wear a face covering and practice social distancing while visiting a branch office.
  • Customers are still advised to continue to perform basic banking transactions – check cashing, deposits, withdrawals – at our drive-up windows.
  • We continue to encourage you to utilize our online banking and mobile banking platforms for 24/7 account access. These digital channels allow you to make payments, view transactions, check balances, find one of our 55,000 free ATMs, open new accounts and more.
  • If you are a Coastal Heritage Bank loan customer experiencing a hardship or have been impacted by the COVID-19 pandemic, please reach out to us and we will respond to your inquiry as quickly as possible:
    • Personal or Home Loans: 800-695-1300 or email us at resiservicing@coastalheritagebank.com
    • Commercial Loans: 800-695-1300 or contact your commercial loan officer directly.
  • Updates will be regularly posted on our website: https://coastalheritagebank.com/covid-19-updates/

We will regularly evaluate additional measures to support our customers and communities as needed. Should you find yourself in need of assistance, please do not ever hesitate to contact us. Again, we thank you for your continued patience and loyalty.

Thank you.

Robert W. Terravecchia, Jr.
President/Chief Executive Officer

Filed Under: COVID-19

Beware of Covid-19 Related Scams

Unfortunately, some people may take advantage of COVID-19 by using fraudulent websites, phone calls, emails, and text messages. While claiming to offer “help,” they may be trying to trick people into providing social security numbers, bank account numbers, and other valuable personal information. Do not divulge your bank or credit card numbers or any other personal information over the phone unless you initiated the conversation with the other party and you know that it is a reputable organization.

In addition, you should be cautious about online solicitations. Be on guard against imposters who contact you claiming to be government employees or volunteers and who ask for personal financial information or money. Learn more about how to protect yourself from these scams in the March 2020 edition of Consumer News.

Reject offers to cash a check for someone in exchange for a fee, even if the bank makes the funds available to you right away, as it may later turn out that the check was fraudulent. Read more about fake checks in the August 2019 edition of Consumer News. The Federal Trade Commission (FTC) has additional information at Avoid Coronavirus Scams.

https://www.consumer.ftc.gov/blog/2020/04/new-funding-coronavirus-sba-loans-attracts-scammers

Filed Under: Frontpage, News & Alerts

COVID-19 Updates

April 18th, 2022 – COVID-19 Update from Coastal Heritage Bank

posted on April 18, 2022

The safety and well-being of our customers, community and employees continues to be our top priority. We appreciate your continued loyalty during this extraordinary time. While current conditions appear to be improving, we actively monitor evolving recommendations from the Commonwealth of Massachusetts as well as The Massachusetts Bankers Association regarding banking operations. Please know that Coastal Heritage Bank remains fully operational.[...]

Consolidation of Branches

Coastal Heritage Bank is an evolving community institution that was formed through the merger of four unique banks that each have their own storied histories dating as far back as 1840. To date we have successfully integrated operationally and continue to evolve as a successful, dynamic and relevant institution that is proud of the communities we serve.

We also operate in an extremely competitive banking landscape where consumers have many options for traditional banking services; not only from Coastal Heritage Bank and other community banks, but regional banks, national banks, credit unions and increasingly fintech companies that operate like a bank without actually being so.

We are constantly working to provide the best and most current banking channels for our current customers and future customers alike. In addition, we constantly assess our service delivery model to measure its effectiveness in both serving the public and operating in a profitable manner.

In assessing the banking landscape in Massachusetts (and beyond) one trend is undeniable; that is the consolidation of branch networks to operate more profitably. This has been occurring at a heightened pace over the past several years. Consumers have been visiting physical branch locations on a less frequent basis for many years, and the process has only accelerated in the past year due to COVID restrictions. With the introduction of additional digital choices, most consumers do not have to visit a physical branch to conduct most routine banking transactions.

As stated above, we constantly assess our service delivery model to measure its effectiveness in both serving the public and operating in a profitable manner. To that end, we have made the decision to sell our branch offices located in Lynn and Nahant to Reading Cooperative Bank. Reading Cooperative is a like-minded institution with its very own rich history of community banking excellence on the North Shore. They are actively looking to expand their market on the North Shore so acquiring new physical branch locations makes strategic sense to them. No current employees will lose their positions as a result of this decision. In addition, both banks share many of the same primary service vendors which will temper the amount of disruption to our North Shore employees and customers. There is also the added benefit of having bank operational headquarters in very close proximity. It is anticipated that the transfer will be completed by the end of 2021.

This decision was not made lightly. Careful consideration and lengthy discussions were conducted between the Board of Directors and Senior Management over the past year. Divesting of two branch locations on the North Shore will allow us to focus our time, energy and resources on our South Shore market where we already have a well-established and expansive market presence. This is a sound business decision made in the very best interest of our customers, our employees and our institution.

Coastal Heritage Bank will continue to evolve and the Board of Directors and Senior Management will always make decisions based on what is best for our institution, our employees, customers and the communities we are privileged to serve.

Our history continues to be written. I thank each and every one of you who work to make Coastal Heritage Bank an exceptional community bank and a vibrant community partner.

Sincerely,

Robert W. Terravecchia, Jr.
President/Chief Executive Officer

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