KEENE, N.H. - Cheshire Financial Corp. said it will merge two subsidiaries in a continuation of its consolidation plan.

Cheshire said Valley Bank of Hillsborough, N.H., which has $72 million in assets, would merge later this year into Cheshire County Savings Bank of Keene, the holding company's lead bank.

It was previously announced that the Monadnock Bank of Jaffrey, N.H., would merge into Cheshire County on July 12.

Cheshire County Savings, currently with a pro forma $569 million of assets, including Monadnock Bank, will be organized in three divisions: Keene, Monadnock, and Valley.

Benefits Cited

The mergers "will create a single, unified bank with a greater array of products and services," said Peter J. Baxter, president and chief executive officer of Cheshire Financial Corp.

Though administrative and operational functions will be consolidated, he said, each division will stay close to its market by having a regional president and advisory board.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.