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Important Announcement
To further strengthen our Bank for continued success, the board of directors and leadership team from South Shore Bank together with those from Dedham Savings have made the choice to merge our individual holding companies (parent companies) into a single holding company.
South Shore Bank’s commitment to our clients will not change and there is nothing you need to do. We are working to find opportunities for enhanced client services; new investments in technology, talent, and community initiatives; as well as training and development for staff members.
As we move forward, we will communicate with you along the way.
To learn more about our news, please check out our communications below.
Communication
Here’s the press release we shared with local and financial media: click here.
We’ve mailed each client a letter and you can review a copy below:
FAQs
We’ve featured commonly asked questions below. If you have additional questions, please reach out here, and we’ll provide additional information.
What is a holding company?
A holding company, or MHC (Mutual Holding Company), is a parent company.
Are the Banks merging?
No, this is a merger of our holding companies into one combined MHC (Mutual Holding Company). Each bank will continue to operate independently under its current name.
What will happen to me as a customer?
South Shore Bank’s commitment to our clients will not change and there is nothing you need to do.
Will any of my account information change?
No, everything about your accounts and services with us will remain the same.
Will I still work with the same people at South Shore Bank?
Of course – the holding company merger will not impact employees. We’ll be here for you when you need us!
Will this change my deposit insurance coverage?
No, your deposit insurance coverage will remain the same. All deposits at South Shore Bank are insured in full up to any amount, with our combined FDIC & DIF insurance coverage.