Equitable Bancorp, MHC (“Equitable MHC”), the mutual bank holding company for Equitable Bank (“Equitable”), a $332.9 million asset community bank headquartered in East Weymouth, and South Shore Mutual Holding Company (“South Shore MHC”), the mutual bank holding company for Coastal Heritage Bank (“Coastal”), a $517.1 million-asset community bank headquartered in Weymouth, announce they have executed a definitive merger agreement to merge their institutions.
The definitive merger agreement was unanimously approved by the directors of each institution. Under the terms of the agreement, Equitable MHC and South Shore MHC will merge under the “Equitable Bancorp, MHC” name and immediately thereafter Equitable and Coastal will merge under the “Coastal Heritage Bank” name. The merged bank will be headquartered in Weymouth. Equitable Bancorp, Inc. (“Equitable Bancorp”), the current mid-tier bank holding company of Equitable, will remain the mid-tier bank holding company of the merged bank.
“Equitable Bank and Coastal Heritage Bank proudly share a rich history of being two of the oldest surviving co- operative banks in Massachusetts,” said Donald P. Gill, Coastal’s President and Chief Executive Officer, and Robert W. Terravecchia, Jr., Equitable’s President and Chief Executive Officer, in a joint statement. “Both banks share a common culture and strong commitment to the communities we serve.”
The post-merger executive leadership and management team of Equitable MHC, Equitable Bancorp and Coastal Heritage Bank will be drawn from both Equitable Bank and Coastal Heritage Bank. Joseph C. Hayes, Coastal’s Chairman of the Board, will serve as Chairman of the Board of Equitable MHC, Equitable Bancorp and Coastal Heritage Bank. Mr. Gill will serve as President and Chief Executive Officer of each entity. Mr. Terravecchia will serve as Vice Chairman of the Board and Executive Vice President of each entity and become President and Chief Executive Officer of each entity upon Mr. Gill’s retirement on or about April 30, 2020.
The transaction is expected to close in the first quarter of 2019, subject to satisfaction of customary closing conditions, including the receipt of regulatory approvals and approval by the respective corporators of Equitable MHC and South Shore MHC.
Luse Gorman, PC served as legal counsel to Equitable, and Nutter McClennen & Fish LLP served as legal counsel to Coastal.
By SCOTT JACKSON
The City Council approved legislation amending Quincy’s anti-discrimination ordinance to prohibit discrimination on the basis of gender identity.
The measure, sponsored by Councillors Brian Palmucci and Nina Liang, was approved by an 8-0 margin on June 4; Ward 5 Councillor Kirsten Hughes – who was elsewhere in the chamber during the roll call vote and not seated with her colleagues – did not vote on the item. Mayor Thomas Koch planned to sign the amendment into law, his spokesman, Chris Walker, said following the meeting.
The ordinance adds gender identity to the 15 other bases – including age, ancestry, citizenship, gender, race, and sexual orientation, among others – upon which discrimination in matters of housing, employment, education, contracts, purchasing or public accommodations are prohibited.
Palmucci said the council’s vote was a symbolic one meant to show discrimination on the basis of gender identity would not be allowed.
“The purpose of this is really, I think, more symbolic than anything else…this would put in place the policy perspective of this body that gender identity is something that the City Council feels as though should be codified as unlawful to discriminate against somebody on the basis of,” Palmucci said.
“I don’t think it changes the way in which the city does business one iota. I don’t think it means any type of facilities are open or closed to anyone gender identity-wise or for any reason.”
“I think it’s important that as we continue to work to be inclusive here in the city that we show gestures that show we want everyone to be included,” Liang added.
Councillor Anne Mahoney said the School Committee had previously voted to add similar language to the school system’s anti-discrimination policy.
“I’m happy to support this tonight and I think it’s long overdue,” she said. “It’s not a matter of whether it’s a problem or not, it’s a matter of acceptance.”
A 2012 state law prohibits discrimination in employment, housing, lending, credit and mortgage services based on an individual’s gender identity. That same law expanded the definition of a hate crime to include criminal acts motivated by prejudice towards transgender individuals and prohibited discrimination based on gender identity in public schools.
By SCOTT JACKSON
Representatives from County Cork, Ireland, were in Quincy Tuesday to sign an agreement meant to bolster economic development between the two polities.
Quincy Mayor Thomas Koch signed the pact Tuesday in the Great Hall of the McIntyre Government Center. Declan Hurley, the mayor of County Cork, and Tim Lucey, the chief executive of the Cork County Council, signed it on behalf of the county of more than 540,000 in the south of Ireland.
The four-page agreement outlines benefits to both Quincy and County Cork in the areas of business, academia and tourism.
The pact notes Quincy and County Cork share mutual areas of strength across a variety of industries and sectors, including life sciences, marine renewable energy, technology and financial services.
To help foster business growth in the two regions, Quincy will be presented as a region of investment for Cork companies. Quincy companies looking to expand into Cork will be provided access to economic development programs via the county council and would be provided with shared workspace. The Cork County Council, Cork Chamber of Commerce and related entities would also help Quincy stakeholders looking to enter the broader European market.
Companies based in County Cork would be offered support services by the Quincy Chamber of Commerce and office space in the chamber’s Quincy Center for Innovation.
In the area of academia, Quincy College graduates will benefit from the ability to matriculate into Cork’s third-level institutions offering four-year degree programs; graduates of the school’s biotech and good manufacturing programs could also be placed into jobs with Cork-based bio-manufacturing companies. As part of the deal, a partnership between the culinary program at Quincy High School and hospitality and tourism program at academic institutions in Cork would be explored.
In the future, Cork’s third level institutions could be promoted to American high school students, and access to Quincy College’s summer biotech program could be offered to secondary students in Cork. Also under consideration would be cultural exchange programs and sporting tournaments between secondary school students, and shared business and history curriculums for secondary school students.
In the area of tourism, Quincy will be marketed directly at Cork Airport – Ireland’s second-busiest airport. Tour operators in Cork will also provide Quincy tour packages.
The Cara Travel Group and others based in Quincy would promote Cork tourism initiatives, including the Wild Atlantic Way, a 1,500-mile tourism trail on Ireland’s west coast; Ireland’s Ancient East; and Spike Island in Cork Harbor, which was named one of Europe’s best attractions at the 2017 World Travel Awards.