Customer FAQs: Merger of Merrimack County Savings Bank and Bow Mills Bank and Trust

Will my debit card still work?
Yes. Your Bow Mills Bank card will continue to work until we reissue all Bow Mills debit cards sometime this fall. Upon receiving your card, you will be instructed to use it before the deactivation of your current card. You will receive plenty of notice.

What will happen to my automatic payments to my insurance company, health club, (i.e. any automatic payment that has been previously set up)?
The payment will automatically continue when your account converts to the Merrimack.

What about my direct deposits, e.g paychecks, social security checks?
These will continue without interruption.

Are any of my account numbers changing?
We changed the savings account number for approximately 500 Bow Mills Bank accounts that share the number with their checking account. To accommodate the affected accounts, we added the digits “70” in front of the existing account number. For example, if you have one of these accounts and the number is 1234567, your new savings account number is 701234567; your checking account number will remain 1234567.

We automatically changed the number in the system, so automatic payments from or to the account will continue without interruption. A third party making a preauthorized deposit will be notified of the new number. The new savings account number will be on your first Merrimack savings statement. If you use Merrimack 24 Automated Telephone Banking, please use the new number with the ‘70’ to access your savings account information.

How do I reorder checks?
You may order them through any branch in the expanded network. We do not yet have an online link for reorders.

Why did the banks merge?
To combine two banks with strong traditions of commitment to our customers, employees and the communities we serve.

Does the combined bank have stockholders?
No. Merrimack County Savings Bank is owned by Merrimack Bancorp, a mutual holding company.

Will all the branches stay open?
All of the combined bank retail branches will remain open for the foreseeable future.

What happens to my deposit insurance coverage if I end up with more than $100,000 in the combined bank?
Under the FDIC’s rules, you’re in no immediate risk of having funds over the insurance limit. In general, deposit accounts you had at the two institutions before the merger will continue to be separately insured for six months after the merger—and longer in the case of some certificates of deposit (CDs). This six-month grace period is to give you time to restructure your accounts so they stay within the $100,000 limit or to transfer some of the excess funds to another insured institution.

As for a CD account opened at one institution but assumed by another institution, it will continue to be separately insured until the earliest maturity date after the end of the six-month period. So, if you have a three-year CD of this type that matures two years after the merger, it continues to be separately insured for the remaining two years. But let’s say you have such a CD that matures during the first six months after the merger. If you renew the CD for the same term and the same dollar amount (with or without accrued interest), it will continue to be separately insured until the first maturity date after the six-month grace period. But if you renew the CD for a different term or dollar amount, it will be separately insured only until the end of the six-month grace period.

Also, both banks participate in the CDARS program and the combined bank will continue to do so. CDARS enables customers to have full FDIC insurance on deposit amounts larger than $100,000.

Are people moving?
A few departments are consolidating in new locations. Concord area Commercial Lending and Cash Management staff will be located at The Business Center at 190 North Main Street, Concord, beginning Monday, August 28. Wealth Management and Trust staff will centralize at 89 North Main Street, Concord. Loan Servicing and the Mortgage Department will relocate to 503 South Street, Bow. These moves should be complete by the end of September. Mortgage Originators and Wealth Management staff will continue to work out of their respective branch locations.

What about staff positions? Will I see the same people in the branches?
One of the great customer benefits of community banking is working with people you know and trust. Bow Mills customers will be pleased to know that many former Bow Mills Bank staff are continuing their careers with the Merrimack. Just as we are excited to welcome Bow Mills customers to the Merrimack, we are proud to welcome Bow Mills employees to the Merrimack team.

You will definitely see many familiar faces. At the officer level, were pleased to announce the following key management positions: Don Bennert, Mike Vlahos and Janet Haines will continue to serve as commercial lenders with the Merrimack, and will continue to manage their account relationships. Ray Martin has accepted the position as SVP/Trust Manager at the Merrimack Linda Lorden will lead the Retail Banking division at the Merrimack as SVP Kim Perron will head Human Resources at the Merrimack as VP/HR Director.