Scituate Federal Savings Bank in Scituate, Mass., and S-Bank in Weymouth, Mass., have merged and changed the name of the surviving institution.
The $297 million-asset Scituate Federal and the $199 million-asset S-Bank combined after receiving approval on Nov. 16 from the Massachusetts Division of Banks. Since the merger involved mutual thrifts, no financial considerations were exchanged.
The new mutual changed its name on Monday to Coastal Heritage Bank. It has nine branches in the South Shore area near Boston.
Richard Rowe, who had been Scituate Federal's chief executive, has the same post at Coastal Heritage. S-Bank's CEO Donald Gill became the surviving mutual's president and chief operating officer.
As a result of the combination, both thrifts' mutual holding companies — South Shore MHC and Satuit MHC — were dissolved.
S-Bank, founded in 1890, had been involved in one merger in its history, combining with East Bridgewater Co-operative Bank in 1999. Scituate, founded in 1928, had not been merged with any other institutions.
Sandler O'Neill and Luse Gorman advised Scituate Federal. Partridge Snow & Hahn served as legal counsel to S-Bank.