Robert W. Terravecchia, Jr., assumes Chairmanship

Coastal Heritage Bank officially announces that Joseph C. Hayes has retired as Chairman of the Bank, effective July 14, 2021. Mr. Hayes has served as Chairman of the Bank since Coastal Heritage Bank was formed in 2015 through the merger of Scituate Federal Savings Bank and S-Bank and subsequent merger with Equitable Bank in 2019. Prior to being Chairman of the newly formed Coastal Heritage Bank, Mr. Hayes served as President and Chief Executive Officer of Scituate Federal Savings Bank since 1991.

During his thirty-year tenure with the Bank, Mr. Hayes has been instrumental in growing the total assets from approximately $70 million to nearly $1 billion.

Mr. Hayes will remain a Director of Equitable Bancorp, MHC and Equitable Bancorp, Inc., which are holding companies for the Bank. He will continue to play an active role in corporate governance matters, enterprise risk management, strategic planning, and lending and investment activities.

Upon Mr. Hayes’ retirement, Robert W. Terravecchia, Jr., currently Vice Chairman, President & Chief Executive Officer of Coastal Heritage Bank, will assume the role of Chairman of Equitable Bancorp, MHC, Equitable Bancorp, Inc., and Coastal Heritage Bank. Mr. Terravecchia previously held the role of Chairman, President & Chief Executive Officer of both Equitable Bank and Weymouth Bank.

Robert Haley, currently a Director of Coastal Heritage Bank and former Vice President of The Bank Investment Fund, a subsidiary of The Co-operative Central Bank, will assume the role of Vice Chairman. Mr. Haley also serves on several committees, including, Asset Liability, Audit, HR, Non-Deposit Investment Products, and Strategy.

Coastal Heritage Bank, Weymouth, Massachusetts, has petitioned the Massachusetts Division of Banks for permission to close a branch office at 400 Broadway, Lynn, Massachusetts. In connection with this petition, Coastal Heritage Bank has entered into an agreement whereby Reading Co-operative Bank, Reading, Massachusetts, would, subject to regulatory approval and consummation of the transaction, purchase certain assets and assume certain deposit and other liabilities of that office and maintain that location as a branch office. Any objections or comments relative to this proposal must be communicated in writing to the Commissioner of Banks, Mary L. Gallagher, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400, no later than two weeks from June 25, 2021.

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Coastal Heritage Bank, Weymouth, Massachusetts, has petitioned the Massachusetts Division of Banks for permission to close a branch office at 28 Nahant Road, Nahant, Massachusetts. In connection with this petition, Coastal Heritage Bank has entered into an agreement whereby Reading Co-operative Bank, Reading, Massachusetts, would, subject to regulatory approval and consummation of the transaction, purchase certain assets and assume certain deposit and other liabilities of that office and maintain that location as a branch office. Any objections or comments relative to this proposal must be communicated in writing to the Commissioner of Banks, Mary L. Gallagher, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400, no later than two weeks from June 25, 2021.

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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

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.”

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.