Merrimack County Savings Bank was founded in 1867 to provide people of the Concord, NH area with a means of earning interest on their savings, as well as a source from which they could borrow funds to acquire a home. Since then, many other banking services have been added, and today the bank offers an extensive range of personal and business banking products. For over 150 years, during periods of economic prosperity as well as through turbulent times in United States history, the bank has remained resilient and steadfast when it comes serving customers and the community.

Governor Walter Harriman approved the charter of Merrimack County Savings Bank on July 2, 1867. The bank began business on the second floor of a building located on the north side of School Street in Concord, also occupied by Minot and Company, Bankers, which later became the Mechanicks National Bank. In 1899, the two banks moved to the Board of Trade Building at the northwest corner of School and Main Streets, sharing a lobby on the first floor of that building. In 1952, the Merrimack moved into the remodeled Columbian block immediately to the north of the Board of Trade Building. Eventually, as the bank grew and its need for space multiplied, the Merrimack repurchased the Board of Trade Building and today the headquarters and main office occupy a space that was once the two buildings.

Highlights

1867

• New Hampshire governor Walter Harriman approves the charter for Merrimack County Savings Bank.

1870

• The Merrimack receives its first deposit by Isaac A. Hill, Jr. During that same year, G.S. Remick takes out the first residential mortgage loan to purchase a house on Spring Street in Concord.

1873 – 1898

• During and immediately after the Civil War, the U.S. economy booms. This boom is accompanied by significant financial expansion and speculation. Between 1867 and 1873, more than 30,000 miles of new railroads are constructed at significant capital cost. When a large financier of the railroads goes into bankruptcy, financial panic occurs throughout the Northeast. Banks, brokerages and businesses fold, stock prices collapse, consumer prices decline and unemployment increases. Economic instability lasts for more than 20 years.
• At the start of the Spanish-American War, the country begins to see increase in the business and earnings of American railroads as well as gains in the output of American factories, stimulating industry and commerce.

1899

• Merrimack County Savings Bank and Mechanicks National Bank moves to the Board of Trade Building at the northwest corner of School and Main Streets in Concord, NH, sharing a lobby on the first floor.

1900

• Checks become a common form of payment.

1907

• In March 1907, the New York Stock Exchange goes into decline, and public panic leads to runs on banks. These runs result in large-scale liquidations of call loans, or loans used to finance stock market purchases, and thousands of businesses fail.

1913

• The Federal Reserve Act of 1913 is established, where the Federal Reserve System, also known as the Fed, is put in place. The Fed allows banks to offer real estate loans, time and savings deposits, trust services as well as foreign branches.

1924

• The Merrimack holds its first meeting of the trustees. Deposits reach $1 million.

1927

• The McFadden Act of 1927 establishes the Federal Reserve Board (FRB) as a permanent central bank.

1929

• The stock market crash of 1929, also known as Black Tuesday, occurs as precursor to the Great Depression. In total, 9,000 banks fold during the 1930s. By 1933, depositors saw $140 billion disappear through bank failures.

1932

• The Federal Home Loan Bank Act of 1932 establishes the Federal Home Loan Banks.

1933

• The Banking Act of 1933 establishes the FDIC, and gives them authority to provide deposit insurance to banks. The Banking Act of 1933 separates commercial and investment banking, prohibiting banks from paying interest on checking accounts.

1959

• The Merrimack outgrows its space and moves to the remodeled Columbian block immediately to the north of the Board of Trade Building. (Eventually, the bank repurchased the Board of Trade Building, and today’s main office occupies both buildings.)

1969

• The FDIC insurance limit increases from $15,000 to $20,000.

1974 – 1975

• World recession is triggered by the oil embargo.
• The Home Mortgage Disclosure Act (HMDA) encourages lending to modest income areas.
• The Community Reinvestment Act direct banks to meet the credit needs of their communities, including moderate income areas.

1980 – 1982

• Problems with many mutual savings banks occur at this time, leading several to fold.
• Mortgage rates reach 21%.

1997

• The Merrimack County Savings Bank Foundation is created with an endowment of $1,000,000.

2001

• Internet banking becomes a new banking channel for the Merrimack.

2006

• Merrimack Bancorp, a mutual holding company, is formed, with Merrimack County Savings Bank as its wholly-owned subsidiary.

2007

• Merrimack Bancorp acquires Bow Mills Bank and Trust, which is merged with and into Merrimack County Savings Bank. Bow Mills Bank was a 19 year-old local institution with strong community ties and commitment to customer service– a perfect match for the Merrimack.

2013

• The Merrimack partners with Meredith Village Savings Bank under a newly created holding company, New Hampshire Mutual Bancorp.

2017

• The Greater Concord Chamber of Commerce selects the Merrimack as its 2017 Business of the Year Pinnacle Award winner.

2018

• For the eighth year in a row, the Merrimack is selected “Best Bank” by the Capital Area Peoples’ Preference Awards.

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