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In 2013, The Merrimack and MVSB formally allied under a mutual holding company, New Hampshire Mutual Bancorp – the first relationship of its kind in New Hampshire. While both banks were strong performers, the increase in costs associated with regulatory compliance and the desire to offer the latest technological services to customers led the Banks’ presidents to seek out solutions that would allow them to increase efficiency, while maintaining the history and reputation each Bank had built in their existing communities for over 140 years. This growing relationship has allowed the Banks to expand their service area, increase lending capacity, mitigate growing regulatory and technology costs and offer more career opportunities to their employee base.
Both Merrimack County Savings Bank and Meredith Village Savings Bank have similar histories of commitment to their communities and, since joining under the same mutual holding company, have expanded that commitment. Employee volunteerism is a hallmark of the Banks’ cultures with total employee volunteer hours averaging over 15,000 each year. The Banks are also leaders in charitable giving within their respective communities, collectively giving back over $500,000 in 2014 alone.
Within just the first two years of their alliance, the Banks’ employees have worked seamlessly together to streamline processes and systems and to improve efficiency. Thanks to these swift improvements and combined resources, the Banks are in a better position to optimize their strengths, enhance their products and services, and provide great service to a growing customer base.
“Paul and I are so pleased and honored to receive this public acknowledgment that, in our minds, was made possible by the hard work of our employees,” said Sam Laverack, President and CEO of Meredith Village Savings Bank and Co-CEO of New Hampshire Mutual Bancorp.
“We are so appreciative of the loyal support of our employees, customers and community members as we have worked through some of the most significant changes in our Banks’ histories,” said Paul Rizzi, President and CEO of Merrimack County Savings Bank and Co-CEO of New Hampshire Mutual Bancorp. “This recognition reaffirms our decision to join forces as successful institutions so that we can continue to serve our communities for many years to come.”
About New Hampshire Mutual Bancorp
New Hampshire Mutual Bancorp was formed in 2013 as an alliance between Merrimack County Savings Bank and Meredith Village Savings Bank. Through this alliance the Banks partner to address industry challenges while strengthening each Bank’s ability to serve its local community. Assets reported in the 2014 Statement of Condition are over $1.46 billion.