10.7.2008

 South Weymouth – South Shore Savings Bank today announced that The Cambridge Mortgage Group, an independent mortgage lender with offices in Hingham and Newburyport, will become a wholly owned subsidiary of the Bank under the name, Cambridge Mortgage Group LLC. The new subsidiary company will operate as a mortgage loan origination company, originating and selling residential first mortgage loans in the secondary mortgage market and originating loans for the Bank’s portfolio. 

The Cambridge Mortgage Group was founded in 1996 by mortgage industry veterans John Battaglia and Mary Marengi. All current South Shore Savings Bank and Cambridge Mortgage Group mortgage loan officers, including Mr. Battaglia and Ms. Marengi, will become employees of the new subsidiary.  The Bank expects the transition to be completed over the next 60 to 90 days.

“We are pleased to be joining forces with John and Mary and their staff, who we have known and worked with for a number of years,” said South Shore Savings Bank President and CEO John C. Boucher. “This alliance will position the Bank to be an even stronger competitor in the residential mortgage market in eastern Massachusetts and beyond.”

“The Cambridge Mortgage Group’s experience and reputation will compliment South Shore Savings Bank,” said Mr. Battaglia.  “These are challenging times in our business and we are here in the communities ready to meet the needs of our customers. We are here to lend.”

Originally chartered in 1833, South Shore Savings Bank is a full-service community bank with assets of approximately $950 million and 15 branches. All deposits are insured in full. The FDIC insures all deposits up to $250,000 per depositor and up to $250,000 per depositor for Individual Retirement Accounts (IRAs); all deposits above this amount are insured by the Depositors Insurance Fund (DIF).

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