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.