Barbara Lemieux, 2016

Savings Bank of Walpole Joins New Hampshire Mutual Bancorp

We’re pleased to announce that Savings Bank of Walpole has now joined New Hampshire Mutual Bancorp (NHMB) under the leadership of President & CEO Gregg Tewksbury, making the alliance with Merrimack County Savings Bank, Meredith Village Savings Bank and MillRiver Wealth Management official as of July 2nd! Mark Bodin has also assumed his new role as President of Savings Bank of Walpole. Rick Wyman, Philip Emma and Paul Provost will remain Presidents of MVSB, the Merrimack and MillRiver respectively.

With New Hampshire roots reaching more than 150 years, this alliance enhances the ability of each company to better serve its customers and communities. As part of the alliance, each affiliate bank retains its name and state charter, with separate management teams and separate boards of directors that will continue to oversee the operations of their respective organizations.

Through the holding company, these, healthy, independent community banks are in a position to optimize the strengths and competitive advantages of each organization. With combined resources, the overall company can better serve customers with significantly greater loan capacity, leading-edge products and services, and enhanced technology-based delivery systems.

The management and boards of directors of each institution are committed to maintaining each bank’s status as an independent community bank and its mutual form of ownership. They share a firm belief that a mutual form of ownership clearly serves bank customers and communities best. A mutual holding company has no stockholders, which allows it to invest its profits more conservatively for long-term sustainability and sound growth. In addition, decision-making can be based on the longer-term benefits to the community, customers and employees as opposed to the immediate needs of stockholders and the market.

As a result of this alliance, all of the organizations will be in a position to optimize the strengths and competitive advantages of each organization and to grow market share in their distinctive markets. With combined resources, the overall company will better position each affiliate bank to serve its customers with significantly greater loan capacity and leading edge products and services, and to implement enhanced technology-based delivery systems. It is anticipated that the organizations will be able to expand while managing expenses as they jointly develop new products and services. It is further anticipated that each affiliate bank will share some resources, thus affording each bank greater capacity for future growth. However, this will occur over time — years in most cases — as the needs and opportunities are identified.

Caption: Gregg R Tewksbury, President and CEO, New Hampshire Mutual Bancorp

New Hampshire Mutual Bancorp