Merrimack Bancorp in Concord, N.H., said it has agreed to buy Bow Mills Bank and Trust in Bow, N.H., for about $22.5 million in cash.
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Merrimack would merge the $124 million-asset Bow Mills Bank into its $415 million-asset Merrimack County Savings Bank, increasing its branch total from four to seven.
The company said the deal would make it No. 3 in deposit market share in Merrimack County. It also said Merrimack would remain a mutual holding company after paying $39 a share for the state-chartered commercial bank.
The deal was announced Thursday and is expected to close in the first half of 2007.
