New Hampshire Mutual Bancorp, the holding company of Merrimack County Savings Bank, Meredith Village Savings Bank and MillRiver Wealth Management, signed an agreement Thursday to add Savings Bank of Walpole to its ranks, in a deal that will allow the Walpole, New Hampshire-based institution to retain its name and state charter.

Savings Bank of Walpole, which currently has four branches in Keene and two in Walpole, and NHMB will have separate management teams and separate boards of directors that will continue to oversee the operations of their respective organizations.

In tandem with this announcement, NHMB President and CEO Samuel L. Laverack announced he will retire after over 40 years with the organization, 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 New Hampshire Mutual Bancorp. In this role, Tewksbury will lead the combined organization with the guidance of the boards and management teams of NHMB, SBW, 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,” Laverack said in a statement. “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.”

Following Tewksbury’s rise to president and CEO, Mark Bodin, senior vice president 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,” said Tewksbury.

Rick Wyman, Philip Emma and Paul Provost will remain presidents of MVSB, the Merrimack and MillRiver respectively.

With Meredith Village Savings Bank’s roughly $883 million in assets, Merrimack County Savings Bank’s roughly $818 million in assets and Savings Bank of Walpole’s roughly $400 million in asset, the new holding company would have roughly $2.1 billion in assets, not including Mill River Wealth Management.

Currently, according to the FDIC, the biggest state-chartered bank in New Hampshire is Mascoma Bank, with roughly $1.6 billion in assets, but NHMB would dwarf that with its unique structure.

Merrimack County Savings Bank, Meredith Village Savings Bank and Savings Bank of Walpole all grew total assets year-over-year and have positive net income through the first nine months of 2017. Although Savings Bank of Walpole is clearly the least profitable, with $908,000 in net income through the first nine months of the year, down from the same time period of 2016.

Return on assets for the bank through the first three quarters of the year was 0.31 percent, while return on equity was 4.09 percent.

Through the holding company, these, healthy, independent community banks are in a position to optimize the strengths and competitive advantages of each organization. With combined resources, the overall company can better serve customers with significantly greater loan capacity, leading-edge products and services and enhanced technology-based delivery systems.

“Our stability over the last few turbulent years has reinforced our belief in the mutual approach to ownership,” said Tewksbury. “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.”

With combined resources, the company says each affiliate bank will be in a better position to serve its customers with significantly greater loan capacity and leading edge products and services, and to implement enhanced technology-based delivery systems.

The company anticipates the organizations will be able to expand while managing expenses as they jointly develop new products and services. It is further anticipated that each affiliate bank will share some resources, thus affording each bank greater capacity for future growth. However, this will occur over time – years in most cases – as the needs and opportunities are identified.

The relationship will become effective upon final regulatory approval and a vote by the corporators of NHMB and Savings Bank of Walpole.