Dedham Savings has been at the heart of our local communities since 1831. Generations of families and businesses have banked with us for nearly 200 years. As we look ahead to the next 200 years, our goal is to remain a mutual community bank, which means keeping our customers and our communities at the heart of what we do. We’re taking important steps to do just that.
After thoughtful deliberation, the leadership teams of Dedham Savings and South Shore Bank have chosen to merge our individual holding companies (parent companies) into one single holding company (also called a Mutual Holding Company, or MHC). The two holding companies received federal and state approval to merge under the 1831 Bancorp, MHC name, effective January 1, 2024. This is a merger of holding companies rather than banks and each bank will continue to operate independently under its current name and brand.
Most importantly, for you as a client, there is nothing you need to do. Your banking experience with us will remain the same and the same friendly faces will be waiting to serve you at your favorite neighborhood branch.
If you’d like to learn more about our important news, check out the helpful information below.
- In March 2023, we mailed each client a letter with information about our news. You can review a copy of the letter here.
- In March 2023, you may have read or heard about us on your favorite news site or publication. Here’s the press release we shared with local and financial media.
You have questions – we have answers. We’ve featured commonly asked questions below. If you wonder about something that’s not listed here, please reach out, and we’ll provide additional information.
What is a holding company?
A holding company, or MHC (Mutual Holding Company), is a parent company. Most US banks are owned by a holding company. Think of it as an umbrella and the banks are underneath it. The purpose of a holding company is to own shares of other companies to form a corporate group, in this case a group of two banks.
Are the Banks merging?
No, this would only be a merger of holding companies only, into one combined MHC (Mutual Holding Company). Each bank will continue to operate independently under its current name and brand, as a subsidiary of the holding company.
What will happen to me as a client?
There is nothing you need to do, and your banking experience with us will remain the same.
Is there anything I need to do as a client?
No, there is nothing you need to do. Nothing about your accounts or services will change. And, we look forward to serving your banking needs for many years to come.
Will this change my deposit insurance coverage?
No, your deposit insurance coverage will remain the same. All deposits at Dedham Savings are insured in full up to any amount, with our combined FDIC & DIF insurance coverage.
Will I still see the same employees when I visit the Bank?
Absolutely – the same friendly faces will be waiting to greet you at your favorite branch.