For Immediate Release - June 24, 2011

Grossman Announces New Funding under Small Business Banking Partnership

South Shore Savings Bank awards its first Small Business Banking Partnership loan to minority-owned Stone Design Marble and Granite Company in Weymouth

Weymouth, MA -State Treasurer Steven Grossman joined South Shore Savings Bank executives and state and local officials today at Stone Design Marble & Granite Company in Weymouth to announce South Shore Savings Bank's first loan recipient funded by the Treasurer's new Small Business Banking Partnership.

The Partnership, which was launched in May of 2011, is an initiative that deposits state reserve funds into Massachusetts community banks with the understanding that the financial institutions will use the deposits to make new loans to small credit-worthy businesses. Stone Design Marble & Granite Company owner Hoa Thanh Vu is the first business owner in Massachusetts to receive funds from South Shore Savings Bank under this program.

"Mr. Vu's Stone Design Marble & Granite Company is precisely the kind of business that we are hoping to target through our Small Business Banking Partnership," said Treasurer Steven Grossman. "I applaud the leadership of South Shore Savings Bank for identifying Stone Design and awarding them their first loan under this new program. Providing capital to sustain and create jobs for small businesses is key to our economic recovery throughout the Commonwealth."

Stone Design owner Hoa Thanh Vu also received the first loan from South Shore Savings Bank's Façade Improvement Loan Program. Using funds from the Small Business Banking Partnership, South Shore Savings Bank developed the new Façade Improvement Loan program for small businesses, a joint effort by the Bank and the office of Weymouth Mayor Susan M. Kay. The program is designed to help businesses improve their façades and will provide special fixed-rate loans for commercial property improvements of up to $10,000 for terms of three to seven years. The loans are SBA-guaranteed with the fee waived, and have no closing costs.

"We are pleased to participate in the Treasurer's Small Business Banking Partnership," said South Shore Savings Bank President and CEO John C. Boucher. "By deploying these funds through Massachusetts community banks in loans to small businesses like Stone Design, the Partnership is helping them to grow their businesses and create jobs."

About Treasurer Grossman's Small Business Banking Partnership

Treasurer Steven Grossman's Small Business Banking Partnership is an initiative that encourages community banks to make more loans to creditworthy small businesses, creating more jobs and economic opportunity throughout the state. Under the partnership guidelines, banks are encouraged to consider loans to women and minority-owned businesses. Forty-nine community banks have agreed to participate in the program, which kicked off in May of 2011.