The parent companies of Dedham Institution for Savings and Weymouth-based South Shore Bank have agreed to merge, they announced Tuesday, with both institutions planning to continue operating independently.
Each bank has about $2 billion in assets and plans approved by the boards of both banks forecast a combined mutual holding company that will continue to offer traditional and digital banking services to consumers, small business and commercial customers.
Dedham Savings was incorporated in 1831 and is one of the oldest banks in Massachusetts still doing business under its original charter. It has locations in Dedham, Dedham Square, East Dedham, Needham, Norwood, Sharon, South Boston, Walpole, and Westwood.
Peter Brown will remain CEO and president of Dedham Savings, pending regulatory approvals expected later this year, and will become chairman and CEO of the combined mutual holding company. He noted that South Shore Bank has been serving its market for 190 years, only two fewer than Dedham Savings.
“One of the most appealing things that I see from this opportunity is that we are two strong institutions that are coming together without the pressure to unnecessarily cause immediate disruption to our core businesses or markets the way many mergers do,” Brown said. “We are both disciplined organizations that value our heritage as mutual banks and we will continue to operate that way.”
Said Jim Dunphy, CEO of South Shore Bank: “The ability to have two organizations with similar assets and culture come together positions us well in a highly competitive market and gives us a tremendous opportunity to deploy capital in more ways than we could independently. This will enable us to be smart about our investments and to retain our great employees while best serving clients with whom we have built strong relationships over the years.”