Northway Financial Inc. in Berlin, N.H., plans to merge its two banking subsidiaries and name the combined entity Northway Bank.
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The $632 million company said the merger, which is expected to close Oct. 1, would reduce operating costs and make Northway more competitive, since it plans to invest the savings in product development.
Northway's lead subsidiary is the 71-year-old Berlin City Bank in Berlin, which reported assets of $403 million on June 30. It acquired Permigewasset National Bank of Plymouth in 1997. New Hampshire's Banking Department approved Northway's merger application last month.
