PETERBOROUGH, N.H. - Shareholders of Peterborough Savings Bank have approved a merger with Horizon Bank and Trust of Concord, N.H., and a new name for the combined company, Primary Bank.
Horizon shareholders approved the merger agreement on March 14. Under the deal, which was signed in November 1994, Peterborough will exchange its stock for Horizon stock using a ratio based on a value of $4 per Horizon share.
The merger, which is still subject to regulatory approval, is expected to be completed in the second quarter, with the combined company operating under the new name.
The new company will be one of the largest banks headquartered in New Hampshire, with $360 million in assets and eight branches.
Christopher J. Flynn, president and chief executive of Peterborough, will remain president and CEO of Primary, while Bruce D. Clow, president and CEO of Horizon, will become executive vice president and chief operating officer.
Peterborough is a state-chartered stock thrift, with $304 million in assets and six full-service and two limited-service branches in Hillsborough and Cheshire counties in southern New Hampshire.