CONCORD, NH – The merger of Bow Mills Bank and Trust with and into Merrimack County Savings Bank became effective on May 1, 2007. Attorneys W. John Funk and Susan B. Hollinger represented Bow Mills in the merger with a total transaction value of $22,707,945. The branches will continue to operate independently until the weekend of July 21.
The combined bank will operate under the Merrimack County Savings Bank name and will remain a mutual institution, with approximately $545 million in assets and $407 million in deposits as of December 31, 2006, financial data. Based on June 30, 2006 data, the combined bank will have the third largest deposit market share in Merrimack County, and will rank fourth among independent banks headquartered in New Hampshire.
“The combination of these two banks, which have a long history of supporting the communities in which they operate, is a real benefit to their customers,” states Funk. “Each bank brings strengths to the relationship which will broaden the services offered by the combined enterprise. We congratulate them both for their commitment to preserve and sustain community banking.”
Gallagher, Callahan & Gartrell’s Financial Services/Banking practice is a recognized leader in serving the special needs of financial institutions, insurance companies and securities firms in local, state and federal matters. For more than 25 years, the firm has represented community banking clients through times of dramatic market and regulatory change and intensive competition. American Banker lists Gallagher Callahan & Gartrell among the top 25 law firms nationwide in bank mergers and acquisitions based on the size of the deals. The firm represents clients as both buyers and sellers in all phases of mergers and acquisitions.
Gallagher, Callahan & Gartrell is a multidisciplinary law firm based in Concord, New Hampshire.