Former Haverhill Banker Leads Merrimac, North Shore Merger

David J. LaFlamme, president and CEO of North Shore Bank and formerly associated with Haverhill-based Family Bank (now part of TD Bank).

David J. LaFlamme, president and CEO of North Shore Bank and formerly associated with Haverhill-based Family Bank (now part of TD Bank).

A former Haverhill banker is leading a merger of Merrimac Savings Bank and Peabody-based North Shore Bank.

David J. LaFlamme, president and CEO of North Shore Bank and formerly senior vice president of Family Bank (now TD Bank), said this week Merrimac Savings Bank’s two offices would soon operate under his bank’s name. The resulting operation will have $750 million in assets and 11 offices.

“This is a really exciting opportunity for North Shore Bank. Merging with Merrimac Savings Bank will allow us to broaden our reach into Northern Essex County and Southern New Hampshire. After successfully merging with Saugusbank last year, a like-minded organization that shared our corporate values, we’re pleased to revisit the strategy with Merrimac Savings—a franchise that is similarly committed to customer service and relationship banking,” said LaFlamme, of Newburyport.

The “definitive merger agreement” was announced jointly by Merrimac Savings Bank President and CEO John E. Meserve.

“We’re confident that this merger will prove beneficial to the customers, our communities and the employees of both institutions,” LaFlamme and Meserve said. “We anticipate that any changes will be largely transparent to the greater community and the two organizations should transition seamlessly.”

Merrimac Savings Bank, founded in 1871, has $73 million in assets and also operates a branch in Newton, N.H. Meserve said, “Merging with North Shore Bank will provide our customers with considerable benefits. Between higher lending limits, the ability to offer enhanced products and services and a much larger branch and ATM network, there is little question that the merger will have a favorable impact right from the outset.”

It is anticipated that the merger will be completed late this year. North Shore Bank was established in 1888.