New bank in town: Berlin City, Pemi to become Northway Bank
The Berlin City Bank and the Pemigewasset National Bank will soon be things of the past – or at least their names will.
Northway Financial Inc., parent company of both banks, has plans to consolidate the two institutions into a new entity that will be known as Northway Bank. The new bank will have assets of approximately $615 million, making it one of the largest independent community commercial banks in New Hampshire. Northway Bank will have 20 banking offices spread throughout northern and central New Hampshire, including Berlin, Gorham, Groveton, Littleton, Conway, West Ossipee, Ashland, Plymouth, Campton, Franklin, North Woodstock, Laconia, Belmont, Tilton and Pittsfield.
Northway Financial said the move is designed “to better service our New Hampshire customers.” The consolidation, which is subject to regulatory approval, will be effective Oct. 1.
Both The Berlin City Bank and the Pemi Bank have been affiliated under Northway Financial Inc. since 1997. They have been sharing technological resources, support functions, products and services and administrative support.
“This consolidation is the latest in a series of steps that have been taken over the last several years to optimize the competitiveness of our company,” said William J. Woodward, president and CEO of Northway Financial. “By working together two small banks, one from northern New Hampshire and one from central New Hampshire, they have been able to grow and provide their customers with the friendly responsive customer service of a small community bank and the products of a much larger bank.”