Samuel L. Laverack Gregg R. Tewksbury
New Hampshire Mutual Bancorp (NHMB) announced today that it has signed an agreement with Savings Bank of Walpole to join its organization.
New Hampshire Mutual Bancorp, a mutual holding company, was formed in 2013 when two NH-based community banks, Merrimack County Savings Bank (the Merrimack) and Meredith Village Savings Bank (MVSB) formally affiliated – the first relationship of its kind in NH. In 2015, MillRiver Wealth Management became the third subsidiary when it was created from the investment services arms of MVSB and the Merrimack.
As part of the alliance, each affiliate bank retains its name and state charter, with separate management teams and separate boards of directors that will continue to oversee the operations of their respective organizations.
In addition, after over 40 years with the organization, NHMB President and CEO Samuel L. Laverack has announced he will retire effective June 30, 2018. Gregg R. Tewksbury, the current President and CEO of Savings Bank of Walpole, has been selected to succeed Laverack as president and CEO of NH Mutual Bancorp. In this role, Tewksbury will lead the combined organization with the guidance of the boards and management teams of NHMB, Savings Bank of Walpole, MVSB, the Merrimack and MillRiver. He will maintain offices within all partner banks.
“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,” notes Laverack.
Effective July 1, 2018, Mark Bodin, senior VP and CFO at Savings Bank of Walpole, will be promoted to president of Savings Bank of Walpole. “Mark is a skilled banker and principled leader, and I am confident that he will carry on the values that have served Savings Bank of Walpole and our community for nearly a century-and-a-half,” says Tewksbury.
Rick Wyman, Philip Emma and Paul Provost will remain presidents of Meredith Village Savings Bank, Merrimack County Savings Bank and MillRiver Wealth Management, respectively. Tewksbury noted, “Our stability over the last few turbulent years has reinforced our belief in the mutual approach to ownership. 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.”
“We’re here to stay as local, mutual banks that will thrive, not just survive, for the future benefit of our customers, staff, and communities,” Laverack says.
The relationship will become effective upon final regulatory approval and a vote by the Corporators of NHMB and Savings Bank of Walpole.
Founded in 1875, Savings Bank of Walpole is headquartered in Walpole and serves the Connecticut River Valley and Monadnock Regions of NH and Vermont from offices in Walpole and Keene. Savings Bank of Walpole, which was named one of the Best Companies to Work For in NH in 2016 by Business NH Magazine, has assets totaling $400 million. NHMB, which was named the 2015 Business of the Year in the Insurance/Finance category by Business NH Magazine and the NH Association of Chamber of Commerce Executives, has combined assets total more than $1.6 billion.
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