LACONIA — The Bank of New Hampshire will acquire Community Guaranty Savings Bank, converting the Plymouth and Campton branches to Bank of New Hampshire locations.
The two banks signed an agreement Monday whereby Bank of New Hampshire, through its parent company BNH Financial, has agreed to acquire Community Guaranty Corporation, the parent company of Community Guaranty Savings Bank, in an all-cash transaction valued at approximately $12.9 million. Under the terms of the transaction, shareholders of Community Guaranty Corporation will receive $65.10 in cash in exchange for each share of Community Guaranty Corporation stock. The consideration represents approximately 157 percent of Community Guaranty's tangible book value as of Sept. 30, 2015. The transaction is subject to receipt of state and federal regulatory approvals and approval by the shareholders of Community Guaranty Corporation and is expected to be completed next May, at which time Community Guaranty Savings Bank's branch offices located at 28 South Main St., Plymouth, and 21 Tower Road, Campton, will become Bank of New Hampshire branch offices.
"The acquisition of Community Guaranty Savings Bank will provide customers access to 24 full-service office locations throughout the state including our new Portsmouth office that is scheduled to open spring 2016," said Mark Primeau, president and chief executive officer of Bank of New Hampshire. "With a Bank of New Hampshire office already located in Plymouth, these two new locations will deepen our market presence in the area and strengthen our commitment to the individuals, families and businesses in this region. Bank of New Hampshire has a 184-year history of building lifelong relationships with its customers by providing what matters most – personal attention from knowledgeable staff and financial products that make it easy to save and borrow."
"Since its organization in 1988, Community Guaranty Savings Bank has remained committed to serving its customers and local communities," said Michael Long, president and chief executive officer of Community Guaranty Savings Bank. "We recognize banking is a rapidly changing industry and to ensure our customers' needs are fulfilled while not losing our commitment to the communities, we are merging with Bank of New Hampshire, and know that it is an organization which shares our commitment to service and community banking."
Ronald I. Sibley, Chairman of the Board of Directors of Community Guaranty Corporation, said "this merger with Bank of New Hampshire offers outstanding value for our shareholders and assures that our customers and communities will benefit from the wide range of products and commitment to service provided by Bank of New Hampshire."
After the merger, the combined entity will have approximately $1.4 billion in assets. Upon completion of the transaction, Sibley and Long will both be appointed to serve as directors of Bank of New Hampshire and Trustees of BNH Financial.
Bank of New Hampshire, founded in 1831, provides deposit, lending and wealth management products and services to families and businesses throughout New Hampshire. With 21 banking offices throughout New Hampshire and assets exceeding $1.2 billion, Bank of New Hampshire is the oldest and one of the largest independent banks in the state. For more information, call 1-800-832-0912 or visit www.BankNH.com.