Savings Bank of Walpole in New Hampshire has agreed to merge into New Hampshire Mutual Bancorp in Concord.
The $1.6 billion-asset New Hampshire Mutual will absorb the $400 million-asset Savings Bank in a transaction that is expected to close later this year. Financial terms were not disclosed.
Gregg Tewksbury, Savings Bank’s president and CEO, will hold the same posts at New Hampshire Mutual after the deal closes. Samuel Laverack, New Hampshire Mutual’s president and CEO, will retire on June 30.
Each bank will retain their name and state charters and will have separate management teams and boards. Over time, the banks will share some resources as needs and opportunities are indentified.
"One of the benefits of this alliance is the ability to tap into the leadership and expertise that Gregg will bring to our organization as a steward of mutual banking values in New Hampshire – and most importantly, in the individual communities served by our partner banks," Laverack said in the release.
"Our stability over the last few turbulent years has reinforced our belief in the mutual approach to ownership,” Tewksbury said. “Adding Savings Bank of Walpole to the fold at New Hampshire Mutual Bancorp makes it even more certain that we will prevail for generations to come."
New Hampshire Mutual was formed in 2015 with Merrimack County Savings Bank merged with Meredith Village Savings Bank.
Hogan Lovells US advised New Hampshire Mutual. Gallagher, Callahan & Gartrell advised Savings Bank.