South Shore Bank and Braintree Cooperative Bank Announce Merger Agreement
WEYMOUTH, Mass., July 18, 2017 /PRNewswire/ -- South Shore Bank and Braintree Cooperative Bank today announced the signing of an agreement to merge operations under the South Shore Bank name. The merger will enable the combined Bank to more effectively meet the needs of customers across the South Shore of Massachusetts. Subject to regulatory approval, the transaction is expected to close in the fourth quarter of 2017 with the customer conversion scheduled to be complete in early 2018.
With 16 locations in eight communities, South Shore Bank brings 180-plus years of expertise and heritage to the markets it serves. Likewise, Braintree Cooperative Bank's 128 years of serving the Braintree community have made it the trusted financial institution for generations of area residents. The combined institution's resources and breadth of services will create one of the area's leading mutual community banks.
When the merger is complete, Braintree Cooperative Bank customers will benefit from an extended network of branch locations and ATMs, along with an expanded offering of products and services. South Shore Bank customers will gain access to a strong team of bankers, solidifying the Bank as a leader in the Braintree market.
"Banking is a high-touch and personal business, and when considering partners with which to expand our footprint, Braintree Cooperative was the clear choice," said James M. Dunphy, President and CEO, South Shore Bank. "Their culture, values and commitment to customers mirror our own, and this merger will clearly position us as the leading mutual community bank headquartered on Massachusetts' South Shore."
"Our bank has continued to grow, and we have a strong reputation in Braintree for being service-oriented and customer-centric in our approach," added Paul M. Pecci, President and CEO, Braintree Cooperative Bank. "This move not only solidifies that position, but also benefits our customers through an expanded network of products and services to help them achieve their financial goals."
At the close of the transaction, Braintree Cooperative Bank's President and CEO, Paul M. Pecci, will become President of the expanded company. South Shore Bank President and CEO, James M. Dunphy, will serve as the bank's CEO. Members of both banks' management teams will retain senior roles in the new entity.
Both Braintree Cooperative Bank locations will remain open and transition to the South Shore Bank name when the customer conversion happens in early 2018. The bank is committed to providing an ongoing culture of support, growth and success for all employees and its communities.
For more information on the merger and updates on the transition, please visit www.togetherasonebank.com.
About South Shore Bank
South Shore Bank is a full-service mutual savings bank with 16 locations in Massachusetts, located in eight communities throughout the South Shore. As a mutual savings bank, South Shore Bank is locally managed and dedicated to the needs of the communities in which it operates. The bank offers a variety of traditional and innovative financial products for personal and business banking needs to ensure customers are provided with the level of convenience and service they've grown to expect. For more information, visit www.southshorebank.com.
About Braintree Cooperative Bank
Founded in 1889 on the principles of trust and thrift, Braintree Cooperative Bank has maintained an unparalleled legacy of serving Braintree residents by helping them preserve their resources, achieve financial independence and attain the benefits of home ownership. With two convenient locations, Braintree Cooperative Bank has continued its commitment to providing friendly, professional and personal service to meet all its customers' needs. For more information, visit www.braintreecooperative.com.
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SOURCE South Shore Bank
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