Strong and Secure Since 1867

For over 140 years Merrimack County Savings Bank has been committed to being a prudent steward of our customers’ money and to providing long-term stability and reliability in the marketplace. Our sound financial condition is due to these commitments and the exemplary business practices that they engender:

  • We did not participate in the sub-prime and Alt-A mortgage lending or otherwise put borrowers into loan products that put them at risk.
  • We do not own mortgage security derivative products or any investment that remotely threatens our safety and soundness.
  • We are regularly audited by an outside auditor and by state and federal regulators.
  • We have stringent in-house risk management review.
  • We adhere to sound financial underwriting practices.
  • We keep capital in excess of required amounts.
  • We maintain ample liquidity and monitor it daily.

Our customers also have the peace of mind knowing that Merrimack County Savings Bank is FDIC-insured. The FDIC protects depositors against the loss of their insured deposits in the event of a bank failure.

The current financial crisis is substantially a crisis of Wall Street investment banks and other large financial institutions that are heavily invested in sub-prime loans and related derivative securities. In short, we are and will continue to be a safe place for deposits; we are making and will continue to make loans.

Further, within the broader financial services industry and despite recent mergers and failures, many facts about the safety and soundness of banks are positive:

  • Most Banks are well positioned to handle economic downturns, and if necessary, take steps to put losses behind them.
  • Banking’s capital—which serves as a buffer against any losses—is at historic highs. As of March 2008, the industry held $1.36 trillion in capital plus $120.9 billion in reserves for a total buffer of $1.48 trillion.

Many people are turning to their local bank to help refinance existing mortgages or consolidate other forms of debt. Of the over 8,500 banks, the vast majority have been in existence for decades and plan to serve their customers for many, many more.

10/1/08