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November 9, 2020
Preparedness and fast action by leading mutual bank puts 100% forgiveness goal in reach
South Shore Bank is successfully helping small businesses navigate the forgiveness process of the Small Business Administration’s Paycheck Protection Program (PPP). Advanced preparation and a partnership with fintech company StreetShares, allowed South Shore Bank to immediately begin processing forgiveness applications once the SBA opened the process in August, long before most banks started. Based on the current progress, South Shore Bank is confident that 100% of its borrowers will receive partial or full forgiveness of their PPP loans.
Since the start of the COVID-19 pandemic, South Shore Bank has worked tirelessly to help businesses obtain essential funding. The Bank boldly began processing PPP applications resulting in more than 1,000 local businesses receiving critical funds at a time of great fear and uncertainty. South Shore Bank helped save more than 13,000 jobs by efficiently processing PPP loans.
“At this forgiveness stage of the process, our unrelenting drive and passion is to help get PPP loans forgiven. It is based on our deep sense of commitment to the communities we serve,” said South Shore Bank Chief Commercial Banking Officer Stephen DiPrete. “We are pleased to announce that over 150 of our loan clients have received SBA forgiveness payments, and to date, 70% of our PPP clients are actively engaged in the forgiveness process. It’s been a true team effort, bank wide to get to where we are today.”
Streamlining and automating this process was key; the partnership South Shore Bank forged with StreetShares to provide PPP borrowers with a secure digital platform that includes an online forgiveness application, a forgiveness calculator, e-sign, and much more was innovative and extremely effective.
South Shore Bank is here for the success of our clients. In the words of Joe Gratta, CEO, Atlantic Mechanical, “Really appreciate you and your team at South Shore Bank working non-stop for all of us. You guys are great!”
For SBA updates and additional information about PPP, please visit southshorebank.com/business.
November 5, 2020
The Boston Business Journal has named Jim Dunphy, CEO and President of South Shore Bank, an honoree among its honorees in its “Extraordinary Year, Extraordinary People: Boston Business Journal's Power 50.”
Within the Greater Boston business community, there are many extraordinary leaders who have met the extraordinary challenges of this year head on.
“This year, our Power 50 is less about power for its own sake, and much more about identifying those extraordinary Bostonians who are quietly helping change our city and our region for the better,” said Boston Business Journal Market President and Publisher Carolyn Jones. “That’s something we can all aspire to emulate.”
Honorees include biotech professionals racing to create a vaccine that can safely protect billions from the Covid-19 virus and health care professionals helping to treat the sick, bankers hastening to connect small businesses with federal aid and community and higher education leaders leading the charge on a reenergized movement toward equality.
South Shore Bank Enlists StreetShares Solution to Improve and Streamline PPP Loan Forgiveness Process
October 7, 2020
South Shore Bank is utilizing an end-to-end digital solution to increase efficiency during the Paycheck Protection Program (PPP) Loan Forgiveness Process. The community bank is partnering with “StreetShares” to streamline the forgiveness process after providing more than 1000 loans totaling an incredible $130 million through the first two rounds of PPP. South Shore Bank has been very aggressive getting money to business owners during the COVID-19 pandemic and views the StreetShares platform as a critical component to ensure the PPP Forgiveness Process is efficient and untroublesome for the borrowers and the bank itself.
StreetShares was founded in 2013 by a group of U.S. military veterans in 2013 to provide lending services to veterans and their families. However, in March of 2020, due to the COVID-19 pandemic, the group launched a tech solution for banks to use for PPP lending as well as forgiveness. South Shore Bank, like many other institutions, saw the definite upside of using fintech to automate its forgiveness process.
“Prior to developing our service platform, it would often take borrowers more than 3 hours to complete the PPP forgiveness paperwork, and oftentimes bring that to their bank,” said Sanjay Bhaskar, StreetShares Vice President of Business Development and Partnerships. “Our solution makes it easier for both borrowers and lenders to navigate and complete the lending and forgiveness process”.
July 7, 2020
South Shore Bank is pleased to announce its sponsorship of the Mary E. Baker Memorial Scholarship, which recognizes Massasoit Community College students of color who are positive role models in service to their community. A strong believer in equal access to education and affordable housing, Baker was the first African American to work at Brockton City Hall. She entered college at the age of 52 and went on to earn her master’s degree in education. As Massasoit Community College’s first minority outreach coordinator, Baker was instrumental in the establishment and operation of programs in Boston and southeastern Massachusetts.
June 19, 2020
Bank Hires Steve DiPrete to Oversee the Commercial Lending Teams
South Shore Bank is proud to announce the hiring of Stephen DiPrete as its Chief Commercial Banking Officer. DiPrete brings nearly twenty-five years of banking experience and an award-winning record of providing customized commercial lending and cash management solutions.
May 19, 2020
South Shore Bank’s response to COVID-19 was one demonstrating quickness, competence and caring in a time of understandable confusion and distress. Committed to its clients and employees’ safety from the earliest days, South Shore Bank enacted immediate measures that would protect people’s health while still giving them bank access and financial assistance. It also went above and beyond in a devoted and successful endeavor to help community members receive the benefits of the newly created federal economic CARES Act programs.
“From day one, our first priority was the health of our employees and clients,” says Carol Farrell, Senior Deposit Operations Manager. Drive-up banking and Face2Face ATMs remained in operation, but branches were open by appointment only, and plexiglass barriers were installed at all locations. Beyond these safety measures, South Shore Bank took proactive steps to safeguard their clients’ financial well-being. They removed the minimum debit card transaction requirement on their Rewards Checking Account, making it easier to qualify for a higher interest rate. “We understood clients would not be spending in the same way, so we removed that condition,” Farrell says. “This ensured that they would still get the preferred rate of interest. People are doing the right thing adhering to stay-at-home orders and they should not lose the advantages they receive from their bank as a result. We also took action when the Federal Reserve Board gave us the option to stop enforcing regulations on money market and savings accounts. We removed tracking and associated fees for withdrawals and transfers because, at a time like this, people should have unlimited and unpenalized use of funds in those accounts.”
April 29, 2020
When Pamela O’Leary, South Shore Bank Executive Vice President and COO and Vice-Chair of South Shore Health’s Board of Directors, read about Project Gratitude’s incredible mission to thank our South Shore Health workers, she became emotional. Almost 100 handmade lawn signs decorate the campus of South Shore Hospital, and the endeavor was spearheaded by a preschooler: Braden Hussey of Rockland.
“It takes my breath away to think of what is going on inside the hospital right now during the coronavirus pandemic, and the incredible work our health care workers are doing,” says O’Leary. “When I heard that a four-year-old boy had rallied his peers to show our community’s gratitude, I was overwhelmed.”
March 16, 2020
What actions has South Shore Bank taken to reduce associated risks of Coronavirus (COVID-19)?
South Shore Bank is committed to the safety of our employees and clients. We have added additional cleaning measures and provided our staff with information and supplies to keep themselves safe at work and at home. We want to provide our clients with uninterrupted banking services and assure you that we take your health and safety very seriously.
Does South Shore Bank have a business plan in place to deal with the escalation of this pandemic?
All locations with drive-up accessibility will be operating in drive-up only mode and by appointment by Tuesday March 17, 2020. South Shore Bank workforce that can work remotely is functioning in that capacity. We have eliminated business travel and have shifted all business/ internal meetings to virtual where possible. To make an in-branch appointment, please contact our Customer Information Center (CIC) at 781-682-3715 or email CIC at southshorebank dot com.
South Shore Bank has an updated Business Continuity Plan in place and is closely monitoring the local situation to ensure the safety of our clients and our employees. Each plan includes people, process and location. The plans cover various types of emergencies. We are ready to enact certain pieces of the plan should the need arise.
Will South Shore Bank close? What will South Shore Bank do if the conditions worsen?
South Shore Bank leadership is closely monitoring the national and global situation. While there is no immediate need to close our branches, we will be banking differently. We encourage clients to utilize our digital services to ensure uninterrupted banking. These digital services include:
- Mobile banking
- Online banking
- Face2Face® (Live Teller) Machines
- And much more!
Should the situation worsen, we have plans in place to consolidate branches temporarily to minimize the impact to our clients.
Does the Bank have any concerns of becoming insolvent?
South Shore Bank is well capitalized and in great financial shape to withstand this economic situation stemmed from the Coronavirus (COVID-19). We are encouraging our clients to continue business as usual. There is no need to withdraw excessive amounts of cash. Debit Cards and electronic banking services will not be impacted. Your deposits are 100% insured by FDIC and DIF and you should continue to do your banking as you normally would.
How is the Bank keeping employees and clients safe? How are you planning to mitigate the spread of the virus?
Our goal is to minimize the impact of the pandemic to our clients and employees. We have added additional cleaning measures to our offices and branches, and we continue to monitor and comply with national and local guidance.
How will South Shore Bank communicate with clients in the event of a local outbreak? How can I get in touch with the Bank if needed?
The Bank has multiple avenues for client communication. You can access our website to view up to date information. We have included links to health organizations and will continue to post updates as to the situation and its impact on South Shore Bank. In addition, we will provide social media updates as needed. If you need to contact South Shore Bank, please feel free to do so by calling our Client Information Center at 781-682-3715 or email CIC at southshorebank dot com
What will the Bank do if any of the employees have contracted the virus? Does the Bank have a plan to quarantine the employees? Notify clients?
South Shore Bank is following guidance from the Center for Disease Control and Prevention (CDC), World Health Organization (WHO), Massachusetts Department of Public Health (DPH) and other local organizations.
Why do you not have hand sanitizer out for clients?
We understand your concerns and to keep our employees safe, have provided hand sanitizer to the staff in all locations. South Shore Bank has installed hand sanitizers in the vestibules by the ATMs and Face2Face (F2F) machines.
Why are your employees wearing gloves?
Some of our employees have chosen to wear gloves as an added protection for themselves. We encourage our team to protect themselves in any way they deem fit. Our employees are our priority and the Bank has supplied gloves to those wishing to exercise this practice.
Why is the Bank staying open during this National Emergency?
Having a safe and sound financial system is an important part of managing through any crisis. In addition, South Shore Bank is committed to the safety of our employees and clients. We have added additional cleaning measures and provided our staff with information and supplies to keep them safe at work and at home. We want to provide our clients with uninterrupted banking services and assure you that we take your health and safety very seriously.
Does this relief provide me more time to contribute money to my IRA for 2019?
Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
January 7, 2020
Since its launch in early 2019, Money Experience has teamed up with partners across its home state of Massachusetts to help provide people of all ages the opportunity to increase their financial literacy. Through partnerships with YMCA of Greater Boston, Girls Inc., Boys & Girls Clubs of Boston, State Street Corporation, Boston Children's Hospital, South Shore Bank, and numerous other companies, organizations, banks and school districts, Money Experience has touched a diverse audience statewide.
In the most recent National Report Card from the Center For Financial Literacy, Massachusetts was one of only nine states in the US that received a failing grade. And for residents living in a state with no financial literacy requirements, associated budget, or curriculum available for schools that take the initiative to introduce the topic, this comes as no surprise.
December 4, 2019
South Shore Bank COO to help nonprofit support recovery during addiction epidemic
South Shore Bank Chief Operating Officer (COO) Pamela J. O’Leary of Weymouth has been elected to the Board of Directors for South Shore Peer Recovery. A dynamic workplace leader who gives back to the community, O’Leary will provide leadership and strategic direction to the organization based on her business, operations and information technology experience. O’Leary will work to strengthen South Shore Peer Recovery’s reach and impact during a time when support for those seeking recovery from substance abuse is critical.
November 1, 2019
Experienced Information Technology Manager
South Shore Bank proudly announces Craig Gardner's acceptance as Chief Technology Officer! Craig brings 25 years of high-level expertise and leadership in Information Technology. Craig was born and raised on the South Shore. He grew up in Braintree and currently resides in Easton, MA.
Cookies from the Heart: South Shore Bank Partners with Friendship Home in Norwell to create new jobs
September 9, 2019
Leading community bank funds program providing work employment for people with disabilities
South Shore Bank is pleased to announce a new partnership with Friendship Home in Norwell called, “Cookies from the Heart.” Friendship Home was founded in 1999 by two mothers of adult children with developmental disabilities, who dreamed, then achieved opening a Home with a Heart that supports individuals with developmental disabilities as well as their families. Now, South Shore Bank will sponsor “Cookies from the Heart,” employing two people from Friendship Home to package cookies and hand deliver them to within the local community. The dough for this program is generously donated by Montilio’s Baking Company in Quincy. South Shore Bank distributes the cookies to various individuals and organizations throughout the community.
July 9, 2019
When you buy or refinance a home, you’re investing in the community where you live and vacation. South Shore Bank believes that your Mortgage provider should be a vested part of your community.
July 1, 2019
South Shore Bank is providing customers with fee-free unlimited access to cash and expanding its ATM network to more than 8,000 7-Eleven stores, under a new multi-year agreement with FCTI, Inc. This partnership includes dynamic branding and marketing technology, turning 7-Eleven machines into South Shore Bank branded ATM’s anytime a South Shore Bank ATM or Debit card is inserted.
July 1, 2019
South Shore Bank is proud to announce the hiring of Seanna Grant as Retail Officer, bringing with her more than a decade of branch managerial experience at some of New England’s largest banks.
June 25, 2019
South Shore Bank in Weymouth, Massachusetts has petitioned the Massachusetts Division of Banks for permission to close the branch office located at 138 Franklin Street, Quincy MA. The proposed date to close is tentatively September 27, 2019. Any objections or comments relative to this proposal must be communicated in writing to the Commissioner of Banks, Mary Gallagher, Division of Banks, 1000 Washington Street 10th floor, Boston, MA 02118 no later than two weeks from June 25, 2019.
June 25, 2019
South Shore Bank in Weymouth, Massachusetts has petitioned the Massachusetts Division of Banks for permission to close the branch office located at 1515 Commercial Street, Weymouth, MA. The proposed date to close is tentatively September 27, 2019. Any objections or comments relative to this proposal must be communicated in writing to the Commissioner of Banks, Mary Gallagher, Division of Banks, 1000 Washington Street 10th floor, Boston, MA 02118 no later than two weeks from June 25, 2019.
June 11, 2019
After a 51-year career in community banking, most recently serving as President of South Shore Bank, Paul Pecci has announced his retirement – effective June 30th.
May 6, 2019
“We are grateful for our partnership with South Shore Bank and are excited by the opportunities this initiative offers to our students,” said Dr. Gena Glickman, president of Massasoit Community College. “South Shore Bank has been a strong supporter of Massasoit, and we know that these new IDs are essential for Massasoit students to feel recognized, safe, and part of our campuses.”
March 19, 2019
South Shore Bank is proud to announce the hiring of Bindiya Jain as Vice President/Director of Consumer Lending and Loan Operations. Jain brings with her nearly 20-years of experience working in residential/consumer lending and loan operations at various banks around Massachusetts and beyond.
January 14, 2019
South Shore Bank is proud to announce the hiring of James Twiss as Retail Officer. Twiss is a veteran of some of the biggest banks in Massachusetts, with a strong background in enhancing the client experience.
January 14, 2019
South Shore Bank is proud to announce the hiring of Vikki Leinas as Retail Officer. Leinas brings with her more than 10-years of experience working in branch management.
January 12, 2019
South Shore Bank Offers Automatic Rent Payment Solutions to Landlords and Property Managers through ZRent.
January 4, 2019
South Shore Bank is proud to announce the hiring of Thomas Osuch as Vice President/Commercial Loan Officer. Osuch brings with him more than 10-years of experience in commercial lending at various banks around the South Shore.