News & Alerts Archives - Coastal Heritage Bank

Robert Terravecchia, Jr. assumes role of President/CEO of Coastal Heritage Bank

Coastal Heritage Bank officially announces that Robert Terravecchia, Jr. has assumed the role of President/CEO of Coastal Heritage Bank. Mr. Terravecchia has served as Vice Chairman and Chief Operating Officer of Coastal Heritage Bank since the merger of Equitable Bank and Coastal Heritage Bank in 2019. Prior to the merger, Mr. Terravecchia served as President/CEO of Equitable Bank since 2017. Mr. Terravecchia has also served as President/CEO of Weymouth Bank for nearly 20 years.

Mr. Terravecchia fills the role previously held by Donald P. Gill, who retired on June 1, 2020.

Joseph C. Hayes, Chairman of Coastal Heritage Bank, commented: “Coastal Heritage Bank is very pleased to have someone with Bob’s skills and experience to lead the Bank through this current extraordinary time. His exceptional leadership qualities and strategic vision of the future will continue to position Coastal Heritage Bank as a successful and integral part of the North and South Shore communities.”

President/CEO Donald P. Gill Retires from Coastal Heritage Bank

Coastal Heritage Bank officially announces that President/CEO Donald P. Gill has retired from the Bank. Mr. Gill has served as President/CEO of Coastal Heritage Bank since 2015, shortly after the merger of S-Bank and Scituate Federal Savings Bank—a merger that formed Coastal Heritage Bank. Prior to the merger, Mr. Gill served as President/CEO of S-Bank since 2006.

In 2019, Coastal Heritage Bank completed a second merger with Equitable Bank of Weymouth. Mr. Gill will be succeeded by Robert W. Terravecchia, Jr., Vice Chairman & Chief Operating Officer of Coastal Heritage Bank and former President/CEO of Equitable Bank.

In a banking career that spanned nearly 45 years, Mr. Gill held prior leadership positions with First National Bank of Ipswich, National Bank of Greece and Salem Five Cents Savings.
Mr. Gill also served as Chairman of the Massachusetts Banking Association from 2019–2020.

Joseph C. Hayes, Chairman of Coastal Heritage Bank, commented: “Coastal Heritage Bank has been fortunate to have Don lead the Bank through this tremendous period of growth and strategic partnerships. His banking sense, innate leadership qualities and consistent advocacy for his staff and customers alike have made Coastal Heritage Bank a successful part of the North and South Shore communities.”

Banks will Remain Open. Consumers Strongly Encouraged to Bank Electronically.

The Massachusetts Bankers Association announced today that banks throughout the Commonwealth will remain open while keeping their customers and employees safe. According to Governor Charlie Baker’s order issued earlier today, financial institutions such as banks are considered essential services and will not be subject to the closure.

“While we strongly encourage all Massachusetts residents to heed the Governor’s stay at home advisory and use online or mobile banking, consumers will continue to have access to banking services during the mandatory non-essential business closure,” said Daniel J. Forte, MBA President & CEO. “The safest place for your money right now is in your local bank where it is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). Many Massachusetts banks also have excess insurance to protect your funds.”

Consumers needing access to banking services should check with their institution, as many banks have closed branch lobbies, reduced hours or shifted to drive-through only at some locations in an effort to protect their customers and employees. However, bank staff are available to serve customers and answer questions. In addition, access to funds through online and mobile banking, ATMs and at Point of Sale transactions remains available during this time.

Coastal Cares

In 2019 Coastal Heritage Bank donated over $90,000 to one hundred sixty different schools, non-profits, community groups and events.

Your Bank, Your Community – Growing Together

Abigail Adams Middle School
Altrusa International
American Legion Post #149
American Legion Post #79
ARC of the South Shore
Archbishop Williams High School
Blue Knights
Boston Higashi School
Boy Scouts of America
Boys & Girls Club of Lynn
Braintree Rotary Foundation
Cardinal Cushing Center
Choral Art Soc. of the South Shore
Christmas on the Common
Church Hill Snowflake Festival
Comm. Friends for Human Services
Company Theatre
Coop’s Troop Foundation
Cops for Kids with Cancer
DOVE, Inc.
Duke Saccardo Scholarship Fund
E. Bridgewater Business Association
E. Bridgewater Lions Club
E. Bridgewater Little League
E. Bridgewater Youth Lacrosse
East Bridgewater Business Assoc.
East Bridgewater HUGS
EB Youth Football & Cheerleading
EDIC Lynn Fishing Tournament
Friendship Home Golf Tournament
Germantown Neighborhood Center – SS YMCA
Great Pumpkin Give-A-Wey
Guns & Hoses Tournament
Habitat for Humanity of Plymouth
Hamilton Primary School
Hanover Chamber Road Race
Hanover Lions Club
Hanover Police Relief Association
Hingham CARES
Hingham Civic Music Theatre
Hingham High XC TF
Hingham Nursery School
Hingham Public Library
Hingham Recreation Department
HMC Gala & Auction
ISS Feed the Hungry Gala
James Library & Center for the Arts
Jennifer Mullins Scholarship Fund
JJ Jankford Memorial Trust
Joshua Glynn Memorial Foundation
Kennedy-Donovan Center
Kingston Turkey Trot 5K
KIPP MA 10K
Kiwanis Club of E. Bridgewater
Kiwanis Club of Kingston/Duxbury
Korean War Veterans Association
Lincoln Hancock Community School
Literacy Leadership, Lynn
Lynn Classical HS Football
Lynn Firefighters
Lynn Jets Hockey Boosters
Lynn YMCA Stride along the Tide 5K
Lynn Youth Soccer
MA Bankers Foundation
MA General – Elaine Connolly Fund
Makayla Fund
Manet Community Health Center
Manomet
Marisa’s Mission Foundation
Marshfield Animal Shelter
Marshfield Education Foundation
Marshfield Grad Nite Live
Marshfield HS DECA
Marshfield HS Hockey
Marshfield Youth Baseball
Martinson Elementary School
Masonic Lodge Veterans Night
Massachusetts Audubon Society
Me Tanner B Road Race
Mike Piccarini Foundation
My Brother’s Table
N. Shore Shriners
Nahant Garden Club
Nahant Little League
Nahant Music Festival
Nahant Police Association
Nahant Village Church
Norwell Fire Fighters
Norwell High PTO
Norwell High Yearbook
Norwell Recreation Movie Night
Norwell Recreation Summer Camp
Norwell Scholastic Arts Society
Norwell Summer Fest
Norwell VNA & Hospice
NSRWA
Old Colony YMCA
One Life at a Time
Pan MA Challenge
Pingree Elementary Fun Run
Quincy Band Boosters
Quincy Chamber of Commerce
Quincy HS CFL
Quincy HS Football
Quincy School Partnership Pathways
Rotary Club of Lynn –
Dictionary Project
Rotary Club of Plymouth
Rotary Club of Quincy
Rotary Club of the Bridgewaters
Rotary Club of Weymouth
Run4Scituate
Sacred Heart High School
Sacred Heart School 5K
Salvation Army
Scituate Arts Association
Scituate Chamber of Commerce
Scituate Community Christmas
Scituate CORSE
Scituate FACTS
Scituate Fire Fighters Road Race
Scituate Heritage Days
Scituate High Yearbook
Scituate Little League
Scituate PHRF
Scituate Police Association
Scituate Rotary Club
Scituate St. Patrick’s Day Parade
Snug Harbor Community Chorus
Son’s of Italy Lodge #278
South Shore Art Center
South Shore Children’s Museum
South Shore Habitat for Humanity
South Shore Health System
South Shore Hospital Foundation
South Shore Peer Recovery
South Shore Support Services
South Shore YMCA
St. Mary of the Nativity
St. Pius V School, Lynn
Sydney Craven Memorial
The Molly Fund
Thurston Memorial Fund
Troop 49 Kingston BSA
Trustees of Reservations
Weymouth Christmas Fund
Weymouth Credit for Life
Weymouth Education Foundation
Weymouth Elder Services
Weymouth Food Pantry Fresh Bite 5K
Weymouth High DECA
Weymouth High Girls Soccer
Weymouth High Theatre Company
Weymouth HS Football
Weymouth HS Post Prom Party
Weymouth Junior Basketball
Weymouth Little League
Weymouth Rotary Club Gold Classic
Weymouth Youth Football & Cheerleading
Woodward School
Wyoma Lions Club
Wyoma Little League, Lynn

Coastal Heritage Bank and Equitable Bank Announce Completion of Merger

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.

Equitable Bank and Coastal Heritage Bank Agree to Merge

East Weymouth and Weymouth, MA; August 14, 2018 — Equitable Bancorp, MHC (“Equitable MHC”), the mutual bank holding company for Equitable Bank (“Equitable”), a $332.9 million asset community bank headquartered in East Weymouth, and South Shore Mutual Holding Company (“South Shore MHC”), the mutual bank holding company for Coastal Heritage Bank (“Coastal”), a $517.1 million-asset community bank headquartered in Weymouth, announced today they have executed a definitive merger agreement to merge their institutions.

The definitive merger agreement was unanimously approved by the directors of each institution. Under the terms of the agreement, Equitable MHC and South Shore MHC will merge under the “Equitable Bancorp, MHC” name and immediately thereafter Equitable and Coastal will merge under the “Coastal Heritage Bank” name. The merged bank will be headquartered in Weymouth. Equitable Bancorp, Inc. (“Equitable Bancorp”), the current mid-tier bank holding company of Equitable, will remain the mid-tier bank holding company of the merged bank.

Robert W. Terravecchia, Jr., Equitable’s President and Chief Executive Officer (R) with Donald P. Gill, Coastal’s President and Chief Executive Officer (L)

Listen below to 95.9 WATD FM’s coverage of this merger:

“Equitable Bank and Coastal Heritage Bank proudly share a rich history of being two of the oldest surviving co- operative banks in Massachusetts,” said Donald P. Gill, Coastal’s President and Chief Executive Officer, and Robert W. Terravecchia, Jr., Equitable’s President and Chief Executive Officer, in a joint statement. “Both banks share a common culture and strong commitment to the communities we serve.”

The post-merger executive leadership and management team of Equitable MHC, Equitable Bancorp and Coastal Heritage Bank will be drawn from both Equitable Bank and Coastal Heritage Bank. Joseph C. Hayes, Coastal’s Chairman of the Board, will serve as Chairman of the Board of Equitable MHC, Equitable Bancorp and Coastal Heritage Bank. Mr. Gill will serve as President and Chief Executive Officer of each entity. Mr. Terravecchia will serve as Vice Chairman of the Board and Executive Vice President of each entity and become President and Chief Executive Officer of each entity upon Mr. Gill’s retirement on or about April 30, 2020.

The transaction is expected to close in the first quarter of 2019, subject to satisfaction of customary closing conditions, including the receipt of regulatory approvals and approval by the respective corporators of Equitable MHC and South Shore MHC.

Luse Gorman, PC served as legal counsel to Equitable, and Nutter McClennen & Fish LLP served as legal counsel to Coastal.

Merger Vision Statement

To combine the resources of Coastal Heritage Bank and Equitable Bank, to create a larger and more sustainable organization that, through the prudent stewardship of our Board of Directors and vision and hard work of our employees, will have the necessary resources to effectively serve our customers and community for future generations.

1. Who is Equitable Bank?

In 2015, recognizing the need to grow in order to remain strong and competitive in an increasingly complex environment, the holding company of Equitable Cooperative Bank voted to merge into the holding company of Weymouth Bank – setting the stage for the banks to come together in August of 2016. The mission of Equitable Bank is to remain a community bank dedicated to developing long-term customer relationships in the communities of the North Shore and South Shore by offering high-quality products and superior customer service. Management will strive to provide a safe, profitable return on investment by focusing on prudent investment strategies that will be beneficial to the Bank, our customers, employees and the community.

Equitable Bank has branch offices in East Weymouth, South Weymouth, Quincy, Kingston, Nahant and Lynn.

2. Why Merge?

In an increasingly competitive community banking environment there are vast benefits and economies of scale when two institutions merge to form one. Savings in compliance costs, auditing costs, and regulatory expenses to name just a few. It is also more efficient to expand an institutions branch network via a merger than through construction of new facilities.

3. What are some of the benefits to me?

As a customer, you will benefit from:

More banking locations with 15 branches from the North Shore to the South Shore;
Larger commercial lending capacity;
A wide range of affordable housing finance options and expertise;
Mobile wallet access with Apple Pay, Google Pay, and Samsung Pay;

4. When will the merger be completed?

Regulatory approval was received in March 2019 and merger was complete in April 2019.

5. Will any branches close?

No. And you will continue to be served by the same team of professionals you have come to know over the years.

6. Will my account numbers or debit card number change?

We are working with our core data processor to determine if any account numbers will need to change. You will receive ongoing communication regarding the conversion process and if there are any impacts to your specific account numbers you will be contacted directly by bank staff.

7. What about online banking and the mobile app?

Equitable Bank customers will be able to utilize their current user names and passwords to access the Coastal Heritage Bank online banking platform.

Bill Pay payees will be transferred as well. The Coastal Heritage Bank mobile app will need to be downloaded on your device to access mobile banking.

Again, existing Equitable Bank customers mobile banking user names and passwords will not change.

8. What about deposit insurance?

Coastal Heritage Bank is a secure and well-capitalized bank and a safe place for deposits. All deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

In addition, all deposit balances greater than $250,000 are fully insured by the Depositors Insurance Fund (DIF).

The Depositors Insurance Fund (DIF) is a private fund owned by the member co-operative banks, which insures all deposits at co-operative banks in Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.

The unique combined insurance coverage afforded by the FDIC and the Share Insurance Fund provides the best deposit insurance available, whether deposit balances are held in passbook, statement or certificate-type accounts, or in any combination of these accounts. At a Massachusetts co-operative bank, your deposits are always fully protected.

Since its inception, the Share Insurance Fund has preserved the enviable claim of member co-operative banks that “no depositor has ever lost a penny in any Massachusetts co-operative bank.”

9. What about ATM access?

After the merger is completed, Coastal Heritage Bank will be a member of Allpoint, America’s largest surcharge-free ATM Network with over 55,000 ATMs.

For locations and additional information please visit http://www.allpointnetwork.com/

10. What will the name of the Bank be?

The name of the combined bank will be Coastal Heritage Bank.

Scams in the name of charity

Scammers are creative, cunning and cruel — and they often mix in a little truth to spice up their big lies. This scheme shows just how low they can go.

Government imposters claiming to be with the FTC, or another agency like the fictitious “Consumer Protection Agency,” are calling to inform people they have won a huge sweepstakes from the Make-a-Wish Foundation, a well-known charity for very sick children. To get the money, the callers say, the “winner” must first pay thousands of dollars to cover taxes or insurance on the prize. The call may even come from a 202 (Washington, DC) area code to appear credible — since the headquarters for the FTC and most federal agencies are in DC.

This is just a scheme using the well-known names of Make-a-Wish and the FTC to rob thousands of dollars from people. Once you wire money or send banking information, you will never see your money again.

Here are a few facts and tips to protect yourself and others:

If someone asks you to wire money or provide your bank account information over the telephone, it’s a scam.
Anytime you have to pay to get a prize, it’s a scam.
The FTC doesn’t oversee sweepstakes and no FTC staff is involved in giving out sweepstakes prizes. We do, however, go after sweepstakes scams.
If an FTC case results in refunds, you can find the details at ftc.gov/redress.
The Make-a-Wish Foundation has information about this specific scam on its fraud alerts page.
If you encounter this or other scams, report it to the FTC at 1-877-FTC-HELP or ftc.gov/complaint.
Talk to your friends and family about scams. Visit FTC.gov/PassItOn to find out how.

Lisa Lake
Consumer Education Specialist
Federal Trade Commission

Grand opening of the newly constructed community playground

Coastal Heritage Bank, along with students, parents, staff, and other local business sponsors, gathered together on Monday morning for the grand opening of the newly constructed community playground at the Governor Winslow School in Marshfield.

The Bank, the lead sponsor of the campaign to build the playground, was happy to support this wonderful grassroots effort.