Mutuality Makes a Difference

January 10, 2017

A message from our President & CEO,
Rick Wallis

Dear Friend,

You may think that banks are all alike. We all offer similar deposit and loan products. Rates and terms of these products are all very similar. Some would say that the banking industry is "homogenous." But if you look a little closer you will find significant differences in how these services are delivered and the commitment each financial institution has to their customers. A lot of the differences can be explained in the corporate structure of the organization.

Piscataqua Savings Bank is a mutual savings bank. Why does that make a difference? The reason is that the owners of the Bank are its deposit and loan customers. In other words Piscataqua Savings Bank is not owned by stockholders who are interested in earnings per share and return on their investment. As a mutual savings bank, the Board and management can focus all of their attention on the needs of their customers and the local community.

We focus on our customers, and that is reflected in the delivery of our services and financial products. For example, all of our Loan Officers are salaried and not commission-based. This assures that you are getting the right product for you and not what is most profitable for the Loan Officer or the Bank. Also, we do not use sales incentives to cross sell products or force sales quotas on our staff. Again, this assures you that you get the best products and services that meet your specific needs.

Another difference reflected in the Bank's culture is our retail-only offerings. Many banks, both mutual and stock owned, offer both retail and commercial services, often with more focus on the commercial customer. Piscataqua Savings Bank is a niche bank that primarily offers products and services for individuals and families. Our services, such as our Kids' Bank and Trust Department, demonstrate this commitment to families of all ages.

If you would like to see the difference for yourself, please stop in to say hello and meet our wonderful staff. I also invite you to stop in to say hello to me. I'm the one in the open office near the lobby. We hope to see you soon.


Rick Wallis

Rick Wallis

Please Note: e-mail to and from us is not secure. Customers should not e-mail us sensitive, personal identifying information such as account numbers. We will not respond to any request requiring us to e-mail personal identifying information.

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