Walpole, N.H.-based Savings Bank of Walpole intends to become the third bank of Concord, N.H.-based New Hampshire Mutual Bancorp, the holding company of Meredith Village Savings Bank, Merrimack County Savings Bank and MillRiver Wealth Management.
The relationship will take effect upon final regulatory approval and a vote by the corporators of New Hampshire Mutual Bancorp and Savings Bank of Walpole, according to the press release.
As part of the alliance, each affiliate bank retains its name and state charter, with separate management teams and separate boards that will continue to have oversight of their respective organizations' operations.
Further, New Hampshire Mutual Bancorp President and CEO Samuel Laverack is retiring, effective June 30, 2018, and will be succeeded by current Savings Bank of Walpole President and CEO Gregg Tewksbury.
Effective July 1, 2018, current Savings Bank of Walpole Senior Vice President and CFO Mark Bodin will be promoted to president of Savings Bank of Walpole.
SNL data shows that as of Sept. 30, Meredith Village Savings Bank had assets of $883.0 million, Merrimack County Savings Bank had $817.9 million in assets and Savings Bank of Walpole had assets of $400.1 million.