Striving to Make a Lasting Impact in New Hampshire

When I began my career in banking more than 45 years ago, leadership in the industry looked very different. It was largely male dominated, and opportunities for women were far more limited. Thankfully, that’s changed — and continues to change for the better.

Today, we’re seeing more women in leadership at every level, and I’m proud to be part of an organization that values diverse perspectives and recognizes the strength that comes from inclusive decision-making. I’ve always believed that we do our best work when all voices are heard and respected. I’m encouraged by the progress we’ve made — and hopeful for what’s ahead.

Community banks like Merrimack County Savings Bank (The Merrimack) are navigating a complex and fast-changing financial landscape. From cybersecurity to competition, these are the major challenges we face, and we’re adapting in this new environment.

Fraud is on the rise, and we have seen an increase in impersonation scams, where bad actors pose as employees via calls, texts, and emails. Across the industry, cyberattacks are a top concern, with breaches costing millions. Strong fraud prevention and customer education are more important than ever.

Banks are also facing pressure to grow deposits. With high interest rates, attracting deposits is more competitive and costly. Many community banks now rank deposit growth above lending as their top priority, balancing higher yields with margin protection.

Profitability is also a challenge. Margins are under pressure due to rising funding costs and intense loan competition. While small business and real estate lending remain strong, banks are increasingly looking to diversify with non-lending revenue sources.

Tougher competition and industry consolidation is also an issue for community banks, as national and regional banks continue to move into local markets. The Merrimack’s affiliation with NH Mutual Bancorp – alongside Meridith Village Savings Bank and Savings Bank of Walpole – reflects a trend toward collaboration to gain efficiencies and share resources.

Shifting regulations continue to be top of mind. While The Merrimack is investing in mobile friendly platforms and online tools, for example, changing regulations and fintech uncertainty add complexity to how quickly we are able to innovate. And even with community-bank-friendly leadership at the federal level, compliance remains costly. Data privacy, cybersecurity, and consumer protection rules continue to grow in scope and complexity, often with limited internal resources to manage them.

The Merrimack has found great value in several FHLBank Boston products, particularly the option advances. These advances provide up-front pricing benefits by allowing the bank to sell an option back to FHLBank Boston. In today’s rate environment, they’ve helped us significantly reduce interest expense compared to traditional bullet advances. Their flexibility also allows us to structure funding solutions tailored to our specific balance sheet needs.

We’ve also benefited from the Jobs for New England and CDFI Advance programs, which enable us to offer below-market interest rates to our customers. These programs provide a 0% matching advance to the bank, supporting our ability to serve community-focused lending initiatives while strengthening our overall funding strategy.

Together, these tools help us better manage interest-rate risk, support our customers, and further our mission as a community-focused financial institution.

Wholesale funding plays a critical role in our overall strategy, particularly in managing deposit seasonality and supporting leverage-driven balance sheet growth. It provides flexibility when core deposit growth alone isn’t sufficient to meet our funding needs.

We also rely on FHLBank Boston as a key component of our liquidity contingency planning. It’s our primary source for overnight borrowing and serves as a dependable backstop to ensure we can respond quickly to short-term funding demands. This access to stable, low-cost funding enhances our ability to manage risk and maintain financial strength in a dynamic rate environment.

As competition across the banking industry grows, The Merrimack stands out by staying rooted in what matters most: trusted relationships, local decision-making, and deep community commitment.

With more than 158 years of service in New Hampshire, we combine the strength of a mutual savings bank with the personal service of a true community partner. Our customers benefit from responsive support and tailored solutions — not one-size-fits-all banking.

We’re more than a financial institution — we’re a resource offering free financial literacy programs, home lending seminars, and fraud prevention workshops to help individuals, families, and businesses make confident financial decisions at every life stage.

For businesses, our commercial team offers more than lending. We build lasting partnerships with local entrepreneurs, grounded in a real understanding of the regional economy.

We also invest in our people. Our mission-driven culture, focus on professional development, and strong community values attract employees who care about their impact. And through our affiliation with NH Mutual Bancorp, we gain the strength of shared services while staying true to our local roots.

At The Merrimack, our strategy for long-term success is grounded in five key areas: financial strength, market growth, brand reputation, talent development, and community impact.

We believe maintaining a strong financial foundation allows us to continue investing in the people and communities we serve through local development, financial education, and support for small businesses. Our commitment to New Hampshire runs deep, and we plan to expand our footprint through new branch locations, deeper community relationships, and a focus on delivering meaningful products and exceptional service.

Our employees are at the heart of everything we do. We’re investing in their growth through continued education and leadership opportunities, which not only strengthens our team but enhances the customer experience and cultivates a workplace where everyone feels valued.

Looking ahead, we remain focused on building trusted relationships, expanding our reach, and creating lasting impact in the communities we’re proud to call home.