Vol.41, No.51
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W E E K O F M O N D A Y, D E C E M B E R 2 3 , 2 0 1 9
THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group
WEEKLY SALES OF NOTE
M&A
Claremont 35 CONNECTICUT RIVERBEND PL . . . . . . . . . . . . . . . $5,570,000 B: NHI Mechanical Motion LLC S: Cascaded Purchase Hldg Mtg: ACF Finco 1 LP $11,200,000
Newbury 91 GRACE HILL RD. . . . . . . . . . . . . . . . . . . . . . . . . . . $3,619,000 B: Francis X Morton S: Daniel M Palmier Mtg: Guaranteed Rate Inc $1,500,000 Use: 4 Bdrm Contemporary, Lot: 182952sf
Nashua 10 SAINT LAURENT ST U:2. . . . . . . . . . . . . . . . . . . . . $3,290,000 B: Isha Hospitality Inc S: B&C Management NH Inc Mtg: Granite St Econ Devel $1,605,000 Use: Condo
Franklin 880 CENTRAL ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,625,000 B: Hak Enterprises LLC & AKT Enterprises LLC S: Franklin Shopping Center Mtg: Bank of New Hampshire $1,625,000 Use: Commercial Building, Lot: 227383sf
Epping 1 BEEHIVE DRIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,250,000 B: Eileen Robertson Tr, Tr for Sheman 3 NT S: MPH Hldg LLC
Hanover 10 RIVER RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000 B: R Bowling-Barnes 3rd Tr, Tr for Barnes Cass RET S: Karen Brine & Peter Brine Mtg: Total Mtg Svcs $1,200,000 Use: 1-Family, Lot: 131987sf
Portsmouth 233 VAUGHAN ST U:302. . . . . . . . . . . . . . . . . . . . . . . $1,950,000 B: Southern Styles Holdings S: Michael F Oneill Use: 3 Bdrm Condo
Londonderry 7 C INDUSTRIAL DR . . . . . . . . . . . . . . . . . . . . . . . . . . $1,815,000 B: Jem Flight LLC S: Trust Hangar LLC
Salem 326 S BROADWAY. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,549,000 B: Edward C Kelsey Jr S: Larrys Country Square LLC
Hudson 3 LIONS AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,525,000 B: Lyons Ave Hudson Corp S: 3 Lions Avenue LLC Mtg: Westmount Fncl Svcs $162,797 Use: Apartment Bldg - 9 + Units, Lot: 67649sf
State’s Only Bank Merger Moves from Acquisition to Integration Phase Vibrant Economy Keeps Banking Environment Healthy BY DIANE MCLAUGHLIN THE REGISTRY REVIEW STAFF
W
hen Massachusetts-based Cambridge Trust Co. acquired Optima Bank and Trust in April, the state saw its only bank acquisition of the year. The state also saw an out-of-state credit union merger, with Cheshire County Federal Credit Union in Keene merged with Gardner, Massachusetts-based GFA Federal Credit Union. But even with limited M&A transactions, New Hampshire had an active banking industry, with a strong economy, national branch expansions and a de novo bank soon to open.
Integration Offers New Challenge The acquisition of Portsmouth-based Optima Bank involved an out-of-state buyer, though Cambridge Trust had a long-time presence in New Hampshire through its wealth management services. One-third of its wealth assets under management are in New Hampshire, said Denis Sheahan, Cambridge Trust’s CEO. What the organization did not have in New Hampshire were banking services, Sheahan said, and Optima Bank’s footprint matched well with Cambridge Trust’s existing wealth management offices. The merger closed in April and a systems
1,500 1500 1,000 1000 500 500 00
Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. March Mar. Apr. Apr. May May June July July Jun. Aug. Aug. Sept. Sept. Oct. Oct.
’18
’19
Number 2000 of 2,000 Sales 1600 1,600 1200 1,200 800 800
400 400 00
Oct. Oct. ’14
Oct. Oct. ’15
Oct. Oct. ’16
Oct. Oct. ’17
Oct. Oct. ’18
Oct. Oct. ’19
Oct. 2014 Oct. 2015 Oct. 2016 Oct. 2017 Oct. 2018 Oct. 2019
Continued on Page 16
TO OUR READERS
2,500 2500
REAL ESTATE RECORDS
3 Belknap ���������������������������� 12/10/19 4 Carroll ���������������������������� 12/10/19 4 Cheshire ������������������������ 12/10/19 5 Coos �������������������������������� 12/10/19 5 Grafton ���������������������������� 12/10/19 6 Hillsborough ������������������ 12/10/19 9 Merrimack ���������������������� 12/10/19 10 Rockingham ������������������ 12/10/19 12 Strafford ������������������������ 12/10/19 13 Sullivan �������������������������� 12/10/19 13 Bankruptcies 14 Lien & Attachments 14 Foreclosure, Mortgagee & Other Lien Auctions 14 Requests for Bids & Proposals
need to take a new approach with customers. “Our New Hampshire banking team never had the opportunity to think about referring a client from a wealth perspective,” Sheahan said. This month, Cambridge Trust announced it would acquire another Massachusetts bank, Wellesley Bank. After that, he does not plan to pursue another merger any time soon. “We have enough to do with what we have in terms on capitalizing on opportunities in our existing market,” Sheahan said. “That needs to be our priority.”
Single-Family Sales By Month 2,000 2000
TRANSACTIONS THRU
conversion followed in July. The merger was meeting expectations, Sheahan said, though work remained. “Integration takes years, not months,” Sheahan said. From credit and lending practice to business models and strategic focus, merging two organizations often means merging different cultures. There was some turnover after the merger, Sheahan said, but remaining employees have opportunities for career development and advancement. Because Optima Bank did not offer wealth management services, employees
New Hampshire Market Statistics
INDEX PG COUNTY
With low interest rates forecast for the next couple of years, the narrowing spread between what banks pay on deposits and earn on loans will play a role in the M&A market, leading both buyers and sellers to look for opportunities.
Number of Sales
Change Prior Year
1,316 1,507 1,672 1,739 1,536 1,616
2.09% 14.51% 10.95% 4.01% -11.67% 5.21%
q Statistics based on single-family home sales of $1,000 q Source: The Warren Group
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T
he Registry Review is online! After more than 40 years as a printed newspaper, all of the real estate information you rely on is now available at www.theregistryreview.com. (There are no plans to cease publication of the newspaper.) All current subscribers have complimentary access to the website. When you first visit the site, please click the “forgot password” button to set up your account. If you have any problems please call or email customer service at 617-896-5388 or customerservice@thewarrengroup.com. If you have any feedback or would like to contribute content, please email editorial@ thewarrengroup.com. Sincerely, Cassidy Norton Associate Publisher The Warren Group