1831 Bancorp, MHC and South Shore Bancorp, MHC Transaction Completed
Dedham Savings and South Shore Bank to Operate Independently Branded Institutions Under Merged Holding Company
Dedham Massachusetts-based 1831 Bancorp, the Mutual Holding Company parent of Dedham Institution for Savings (“Dedham Savings”), and Weymouth, Massachusetts-based South Shore Bancorp, the Mutual Holding Company parent of South Shore Bank (“South Shore Bank”) are pleased to jointly announce that the two holding companies completed their merger under the 1831 Bancorp, MHC name, effective January 1, 2024. Both Dedham Savings and South Shore Bank will continue to operate as separately branded banking institutions under the combined holding company.
Peter Brown, President & CEO of Dedham Savings, will serve as CEO of the newly combined holding company and Jim Dunphy, President & CEO of South Shore Bank, will serve as President of the holding company. A further slate of management positions for the holding company has also been announced, including Mark Ingalls, Chief Financial Officer; Pam O’Leary, Chief Operating Officer; Vicki Graves, Chief Information Officer; John Huether, Chief Risk Officer; and Victoria Kane, Chief Human Resources Officer. All holding company officers will jointly hold their current roles at their respective banks.
The slate of Directors for the combined holding company includes Peter Brown as Chairman, and Jim Dunphy, Suzanne Andrade, J. Leonard Bicknell, Jeanean Davis-Street, James Elcock, John Emmons, Jr., Gary Evee, Kevin Hampe, Jean Joy, Juanita Allen Kingsley, Alexander Leith, Frank Marinelli, David O’Brien, Arthur Sharp, Michael Sheehan, Margaret Spagone, and Dean Steeger.
“We are thrilled to have completed this important milestone,” stated Peter Brown, President and CEO of Dedham Savings. “We will work together at the holding company level while continuing to operate each bank independently. This partnership positions our banks well for the future to grow and deliver the products and services our clients need, in the local way they expect, for many years to come. We each value our heritage as mutual banks, and we will continue to operate that way.”
“These are two banks of almost identical asset sizes with very little geographical overlap,” said South Shore Bank CEO Jim Dunphy. “The ability to come together like this gives us a tremendous opportunity to deploy capital in more ways than we could independently. This will enable us to be strategic about our investments and to retain our great employees while serving clients we have worked hard to attract over the years. As a combined holding company, we also have significantly increased our lending capabilities with the ability to make larger loans within our combined banking enterprise.”
As of January 1, 2024, the newly combined Mutual Holding Company (MHC) has approximately $4.3 billion in assets and a full complement of consumer, small business and commercial banking products and digital banking services.
Keefe, Bruyette & Woods served as financial advisor. Luse Gorman, PC served as legal counsel to Dedham Savings, and Updike, Kelly & Spellacy, P.C. served as legal counsel to South Shore Bank.
ABOUT DEDHAM SAVINGS
Incorporated in 1831, Dedham Savings is one of the oldest banks in Massachusetts still doing business under its original charter. The bank delivers technology-driven solutions in a client-centric way to promote the financial success of the individuals, families, businesses, and non-profit organizations in the communities it serves. Dedham Savings manages $2.2 billion in assets through full-service locations in Dedham, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood, Massachusetts. All deposits are fully insured. Deposits are insured up to current FDIC (Federal Deposit Insurance Corporation) limits and by the DIF (Depositors Insurance Fund) for all additional balances, up to any amount. For more information, visit dedhamsavings.com.
About South Shore Bank
South Shore Bank is a full-service mutual bank with approximately $2.1 billion in assets. As a locally managed mutual bank, we believe the most valuable and enduring success is success that is shared. Together, we work to help our people, clients and communities thrive. With an extensive set of financial products, the Bank serves as a trusted advisor for business and personal clients as they navigate their unique financial journeys. All deposits are fully insured. Deposits are insured up to current FDIC (Federal Deposit Insurance Corporation) limits and by the DIF (Depositors Insurance Fund) for all additional balances, up to any amount. For more information, visit southshorebank.com.