09.10.2008

  South Weymouth – At a time when newspapers are filled with reports of increasing home foreclosures, when people often refinance their mortgages to take out equity, and when Americans move an average of every seven years, Joseph Maurath, Jr., is the exception to the rule. 

Mr. Maurath purchased his home at 303 Washington Street in Abington, an antique house built in 1780, in September 1978 for $34,500 with a 30-year mortgage from Weymouth Savings Bank. Much has certainly changed over the past 30 years, including the name of his bank – in 1997 Weymouth Savings Bank merged with South Weymouth Savings Bank, and the combined institution was re-named South Shore Savings Bank. 

One thing that didn’t change since 1978, however, was Mr. Maurath’s mortgage. During the entire 30-year term of the loan, he continued to live in the house and make his monthly payments on the original note, never rewriting it or taking out a second mortgage or any other lien on the property. This month, Mr. Maurath reached a milestone that is extremely rare today – he made his 360^th and final payment to South Shore Savings Bank, paying off his mortgage in full.

Commenting on his long relationship with South Shore Savings Bank, Mr. Maurath described the Bank’s customer service as “exemplary,” adding: “I give South Shore Savings Bank five stars and highly recommend them.” 

          “We pride ourselves on building relationships with our customers that go beyond simply providing banking products they can get anywhere,” said South Shore Savings Bank President and Chief Executive Officer John C. Boucher. “As a community bank, it is rewarding for us to help people like Mr. Maurath achieve the dream of homeownership and establish deep roots in their neighborhoods.”

         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 $100,000 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).