Merrimack County Savings Bank Completes Merger with Bow Mills Bank and Trust

Concord, NH (May 1, 2007) The merger of Bow Mills Bank and Trust with and into Merrimack County Savings Bank became effective today, according to Ronald A. Wilbur President and CEO of Merrimack County Savings Bank. In order to accomplish this consolidation, Merrimack paid $39.00 per share in cash for all the outstanding shares of common stock and stock options of Bow Mills Bank, for a total transaction value of $22,707,945.

The Merrimack and Bow Mills branches will continue to operate independently until data processing and branch operations are converted, creating one system. That conversion is expected to take place during the weekend of July 21, and Bow Mills Bank customers will receive detailed information well in advance.

Bow Mills Bank directors Jeffrey Kipperman and Jonathan H. Ruggles will join the boards of directors of Merrimack Bancorp and Merrimack County Savings Bank. Bow Mills Bank directors John E. Swenson, Peter F. Imse, and Jeremiah P. Gearan will join the board of corporators of Merrimack County Savings Bank.

“We are very pleased and proud to add these individuals to our boards, just as we are excited to welcome many former Bow Mills Bank staff into the Merrimack. We have been working together now for several months to ensure the final transition in July goes smoothly for our Bow customers, ” said Wilbur.

The combined bank will operate under the Merrimack County Savings Bank name and will remain a mutual institution, with approximately $545 million in assets and $407 million in deposits as of December 31, 2006, financial data. Based on June 30, 2006 data, the combined bank will have the third largest deposit market share in Merrimack County, NH, and will rank fourth among independent banks headquartered in New Hampshire. In addition to three new branches, for a new total of seven banking offices, the Merrimack will add a trust department and an expanded commercial lending team.

Founded in 1867, Merrimack County Savings Bank is the sole subsidiary of Merrimack Bancorp, a New Hampshire chartered mutual holding company. Prior to the merger, assets of the Bank were approximately $425 million. It operates three branches and a mortgage center in Concord, NH and one branch in Nashua, NH. The three Bow Mills Bank branches, located in Concord, Bow, and Contoocook, will remain open. They will operate independently until after the July 23 system conversion. The Merrimack provides customers with a full range of retail, commercial banking, and wealth management services.