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V O L . X X X I N O. V I I I A P R I L 2 1 , 2 0 2 5 14 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S A number of Maine-based banks have been expanding into New Hampshire in recent years, opening branches there or acquiring Granite State counterparts. e goal is to broaden markets and serve existing New Hampshire customers, while remaining close to the Maine base. en there's a case to be made for similar operating environments. "e business environment in northern New England may be more familiar to bankers in Maine, so expanding into New Hampshire and Vermont is perhaps a more comfortable fit than expanding into Boston and Massachusetts," says Jim Roche, president of the Maine Bankers Association in Westbrook. First foray Norway Savings Bank is making its first foray into New Hampshire with construction of a full-service branch at 11 Commercial Drive in North Conway, about an hour's drive from the bank's Norway headquarters. e branch, part of a 126-acre development called Ridgeline Community, is expected to open in May, says Daniel Walsh, Norway Savings' president and CEO. "It's a great location," he says. e location follows Norway Savings' footprint along the Route 302 corridor, where it has branches in Windham, Naples, Bridgton and Fryeburg, and soon some 10 miles down the road to North Conway. "For us, it's a natural extension of the presence we have on the Route 302 corridor," says Walsh. Norway Savings already has a presence in the Granite State. "We have clients who have lived and worked in New Hampshire for a long time," he says. "We're saying, 'Okay, we have this great opportunity and a superior location.' So it makes good sense to establish the branch in New Hampshire." e location is expected to provide the Maine bank with exposure to the market in Mount Washington Valley communities to the north of Conway. "It will attract a lot of new clients," he says. "I think that market is a great opportunity for us." Plans include a comfortable seating area with a fireplace, a community room for nonprofits and other groups to use and several customer service offices. Rather than a traditional teller line, there will be an open environment with service stations. ere will also be a two-lane drive-through and ATM. Construction includes energy-efficient technol- ogy such as LED lighting, an energy-recovery unit to recycle the heat from exhaust air, heat pump technol- ogy, thermal and spray-foam insulation beyond code- required levels for maximum efficiency, and three- phase power to provide more efficient operation of the HVAC equipment and power. Norway Savings takes its expansions at a deliberate pace. It last opened a new branch about 10 years ago, in Gray. e bank looks for organic growth and any acquisition would have to be the right strategic fit. Staffing includes a branch manager, mortgage loan officer and commercial lender who are existing Norway Savings employees and have a track record of work- ing with residents and businesses there. It will hire the remainder of the staff locally. "When we go into a community, we're hiring people who live there," he says. "We want to own our locations. We want to put down roots." P H O T O / T I M G R E E N WAY Daniel Walsh, head of Norway Savings Bank, says the bank's first foray into New Hampshire, in North Conway, is a natural extension of its presence on the Route 302 corridor. The new Norway Savings Bank branch in North Conway, N.H. Granite State offers new market opportunities and a similar culture B y L a u r i e S c h r e i b e r Maine banks 'bank' on growth

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