On August 16, 2018, Equitable Bancorp, MHC (“Equitable MHC”), East Weymouth, Massachusetts, the mutual bank holding company for Equitable Bank, and South Shore Mutual Holding Company (“South Shore MHC”), Weymouth, Massachusetts, the mutual bank holding company for Coastal Heritage Bank, announced their entry into a definitive merger agreement pursuant to which South Shore MHC will merge with and into Equitable MHC under the name Equitable Bancorp, MHC. Upon completion of the merger, Coastal Heritage Bank will merge with and into Equitable Bank under the name Coastal Heritage Bank.
Luse Gorman served as legal counsel to Equitable MHC and Equitable Bank in the transaction. The Luse Gorman team was led by Lawrence M.F. Spaccasi, Victor L. Cangelosi and Ned A. Quint (Corporate/M&A) and Thomas P. Hutton (Executive Compensation/M&A). This represents Luse Gorman’s 15th bank or thrift merger transaction since January 1, 2018.
Equitable has approximately $332.9 million in total assets and operates six offices in East Weymouth, South Weymouth, Kingston, Nahant, Lynn and Quincy, Massachusetts.
Coastal has approximately $517.1 million in total assets and operates nine offices in Weymouth, East Bridgewater, Green Harbor, Hanover, Hingham, Marshfield, Norwell, Quincy and Scituate, Massachusetts.