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GreatWaters Bank will not be opening

Failure to get charter means liquidation

January 07, 2010
WOLFEBORO — In a letter to investors dated Dec. 30, 2009, GreatWaters Bank & Trust President Peter Alden informed them that "we have decided to abandon further efforts to open GreatWaters Bank because we have been unable to obtain the necessary approvals from federal bank regulators."

Alden went on to state, "After extensive efforts to obtain the necessary FDIC approvals, it has become clear of us that the administration in Washington decided that they do not intend to charter any new community banks for the foreseeable future."

GreatWaters Bank & Trust was created after Community Bank & Trust Company of Wolfeboro was acquired by Chittenden Corporation on June 4, 2007 and merged with Chittenden's Ocean Bank subsidiary. Alden had been president of Community Bank. GreatWaters opened a temporary office and broke ground on its main office at the corner of Pine and Center Streets in Wolfeboro on June 24, 2008. Extensive foundation work for the building was completed by the end of the summer and the structural steel delivered before work was interrupted in September. By April 2009 half of the needed $15 million in capital had been raised, and in August Alden said that the bank was gradually approaching $15 million but was also seeking regulatory approval to open with less, as two other New Hampshire banks had done recently. A Portsmouth office was ready to open once approvals were received.

The Dec. 30 letter to investors informed them that the bank's escrow agent would be releasing their funds.

Reached by phone on Tuesday, Jan. 5, Alden said that the bank was basically liquidating. "It was a great idea," he said, "but sometimes even the best ideas don't work out." Alden said he was totally involved in winding things up and at present had no future plans.

Klumb Environmenta;
Varney Smith
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