Sugar River Bank in Newport, N.H., has agreed to buy a branch from Bank of New Hampshire in Laconia.
The $424 million-asset Sugar River said in a press release that it will buy a location in Claremont, N.H., from the $2.5 billion-asset Bank of New Hampshire. The deal is expected to close in January; the price wasn’t disclosed.
The branch had $30.4 million in deposits on June 30, according to data collected by the Federal Deposit Insurance Corp.
“Claremont is Bank of New Hampshire’s only office in Sullivan County and is geographically separate from the rest of our branch network,” Chris Logan, the bank’s president and CEO, said in the release. “After careful consideration, we determined that partnering with another community bank with a robust presence in the market provides the best path to preserve local banking access and support the long-term interests of our employees, customers and the Claremont community.”