South Shore Bancorp in South Weymouth, Mass., has agreed to merge with 1831 Bancorp in Dedham, Mass.
The parent companies for the $2.1 billion-asset Dedham Institution for Savings and the $2.1 billion-asset South Shore Bank said in a press release that the mutual will continue to operate independently.
“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,” Peter Brown, Dedham Savings’ president and CEO, said in the release.
Brown will remain president and CEO of Dedham Institution for Savings and become chairman and CEO of the 1831 Bancorp. Jim Dunphy will remain CEO of South Shore Bank and become the holding company’s president.
Dunphy will succeed Brown as CEO in three years.
The deal is expected to close later this year. Financial terms weren’t disclosed.
Keefe, Bruyette & Woods and Luse Gorman advised 1831 Bancorp. Updike, Kelly & Spellacy advised South Shore Bancorp.