History

Since our inception in 1869, MVSB has provided a safe, convenient place to save money and help people achieve their financial and personal goals.

Over the past 150 years, during periods of economic prosperity as well as through turbulent times in United States history, the bank has remained resilient and steadfast when it comes serving our customers and the community.

We have grown in size and expanded our range of financial products and services to meet the changing needs of customers and the communities we serve. What began as a one-room operation in downtown Meredith, NH has become a successful mutual savings bank with 13 offices in 10 New Hampshire communities throughout the Lakes Region, Plymouth and Seacoast areas. What’s our secret to success? The answer to this question lies in our history.

Despite our continued readiness to grow and change with the times, we have always remained true to our roots as a community bank. We started as an independent mutual savings bank and are now part of the mutual holding company, NH Mutual Bancorp. This means we have no stockholders and our profits (beyond operational costs) belong to our depositors. Our goal is to protect deposits, make limited, low-risk investments that will generate interest for our customers, and invest in our local communities through lending opportunities, community giving and volunteerism.

A few highlights in our development over the years:

1869

• MVSB is founded to meet the saving needs of the local community. Seneca A. Ladd is named Treasurer (equivalent to today’s President and CEO).

1873- 1898

• During and immediately after the Civil War, the U.S. economy booms. This boom is accompanied by significant financial expansion and speculation. Between 1867 and 1873, more than 30,000 miles of new railroads are constructed at significant capital cost. When a large financier of the railroads goes into bankruptcy, financial panic occurs throughout the Northeast. Banks, brokerages and businesses fold, stock prices collapse, consumer prices decline and unemployment increases. Economic instability lasts for more than 20 years.
• At the start of the Spanish-American War, the country begins to see increase in the business and earnings of American railroads as well as gains in the output of American factories, stimulating industry and commerce.

1900

• Checks become a common form of payment.

1907

• In March 1907, the New York Stock Exchange goes into decline, and public panic leads to runs on banks. These runs result in large-scale liquidations of call loans, or loans used to finance stock market purchases, and thousands of businesses fail.

1913

• The Federal Reserve Act of 1913 is established, where the Federal Reserve System, also known as the Fed, is put in place. The Fed allows banks to offer real estate loans, time and savings deposits, trust services as well as foreign branches.

1927

• The McFadden Act of 1927 establishes the Federal Reserve Board (FRB) as a permanent central bank.

1929

• The stock market crash of 1929, also known as Black Tuesday, occurs as precursor to the Great Depression. In total, 9,000 banks fold during the 1930s. By 1933, depositors saw $140 billion disappear through bank failures.

1932

• The Federal Home Loan Bank Act of 1932 establishes the Federal Home Loan Banks.

1933

• The Banking Act of 1933 establishes the FDIC, and gives them authority to provide deposit insurance to banks. The Banking Act of 1933 separates commercial and investment banking, prohibiting banks from paying interest on checking accounts.

1969

• The FDIC insurance limit increases from $15,000 to $20,000.

1974 – 1975

• World recession is triggered by the oil embargo.
• The Home Mortgage Disclosure Act (HMDA) encourages lending to modest income areas.
• The Community Reinvestment Act direct banks to meet the credit needs of their communities, including moderate income areas.

1980 – 1982

• Problems with many mutual savings banks occur at this time, leading several to fold.
• Mortgage rates reach 21%.

1995

• A 24-hour Customer Service line (Bank by Phone) is introduced at MVSB.

1997

• The MVSB Fund is established to support local community initiatives and nonprofits.
• The Bank’s Main Office undergoes extensive renovation, with 4,700 square feet of office and functional space added to the location.

1998

• MVSB introduces its first MasterMoney ATM/Debit card.
• MVSB absorbs the assets of Meredith Bank & Trust Company.

1999

• MVSB’s first website is introduced.

2000

• Online banking launches at MVSB. Customers with access to the internet can access their accounts and perform a variety of routine functions.

2008

• MVSB adds a new, green office in Wolfeboro – with geothermal heating, sustainable building materials and other environmentally-friendly features.

2013

• Partnered with Merrimack County Savings Bank under newly created shared services company New Hampshire Mutual Bancorp (NHMB)

2014

• Mobile Deposit introduced
• MVSB customers can now use ATMs at Merrimack County Savings Bank as well as MVSB and Franklin Savings Bank

2015

• NHTrust joins the Merrimack and MVSB as a third subsidiary of NHMB
• NHMB is Business NH Magazine’s Business of the Year for the Financial Services category

2016

• Richard E. Wyman appointed President
• Received the Granite Award from Granite State United Way for employee and organization donations
• Micro branch opens in Melvin Village

2017

• NH Bankers Association Community Banker of the Year award to Sam Laverack, CEO, NHMB
• Branch office opens in Portsmouth
• Celebrated 150th anniversary

2018

• Savings Bank of Walpole joins NHMB

2019

• Customers are now able to do their banking at Merrimack branch offices
• MVSB customers can now use ATMs at Savings Bank of Walpole, the Merrimack, MVSB and Franklin Savings Bank

2020

• NHTrust, SBW Wealth Management & The New Hampshire Trust Company merge to become NHTrust

2021

• MVSB customers are now able to process most transactions at MVSB, Merrimack County Savings Bank and Savings Bank of Walpole branches.
• Zelle services now available via the online banking app

2022

• Rochester Branch Office Opens
• Online Business Loan Applications Launch
• Marcus Weeks becomes President on October 1st. Weeks joined MVSB at 16 as a teller in the Center Harbor office.

Presidents

Branch Offices