The organizers of Walden Mutual Bank in Concord, N.H., has exceeded its capital goal.
The group said in an email that they have secured more than $20 million of commitments. The plan is to open the mutual in late summer.
Walden has received approval from the New Hamphsire Banking Department but it still needs a greenlight from the Federal Deposit Insurance Corp.
“The participation and support we’ve received from you have been incredibly meaningful to us, but also pivotal to showing that a new mutual in 2022 can be propelled by the community at scale,” the email said. “We very much appreciate your confidence in our team, our mission, and the opportunity in front of us.”