Falvey succeeds Primeau at Bank of NH


Paul J. FalveyLACONIA — The Board of Directors of Bank of New Hampshire announced Friday that after an extensive nationwide search Paul J. Falvey will succeed Mark Primeau as president and chief executive officer.

Bruce Clow, chairman of the board, said in a prepared statement that "We worked diligently to select a candidate who will continue to build on the success of the bank while maintaining our commitment to mutuality and also take us into the future in today's challenging banking environment. We are confident that Paul's deep-rooted commitment to building business through long-term relationships and delivering the best customer experience in the communities served make him an ideal candidate for the position."

Vickie Routhier of Bank of New Hampshire described Falvey as "a good fit," not least because of his commitment to remaining a mutual institution, serving its customers and the community rather than shareholders.

Falvey will join the bank on Feb. 1. Primeau will serve as a consultant until the end of the fiscal year in June as well as hold a seat on the board of directors.

Most recently Falvey has spent the last four years as president and chief executive officer of Martha's Vineyard Savings Bank, playing a major role in its transformation from a community bank with $100 million in assets to a regional institution with $1.4 billion in assets.

Altogether, Falvey brings three decades of banking experience, much of it in commercial lending and senior leadership, to the position. He joined Connecticut Bank and Trust Company of Hartford, a subsidiary of Bank of New England, in 1987, a year after graduating from Hamilton College.

After Bank of New England failed in 1991, Falvey, who had earned his master's degree in business administration at Rensselaer Polytechnic Institute, became a commercial lender at First International Bancorp of Hartford. Targeting firms with annual sales of between $3 million and $50 million, the commercial loan portfolio grew from $100 million to $1.4 billion during his tenure. He opened and managed the banks first operation outside Connecticut in Boston in 1994 and assisted with the sale of the company to United Parcel Service in 2001. In 2005, Falvey became senior vice president, chief credit officer and one of four principals of Business Lenders, a non-bank commercial finance company, in which Merrill Lynch held a majority stake.

Falvey returned to conventional banking in 2009 as president and chief executive officer off Holbrook Cooperative Bank in Holbrook, Massachusetts, where he oversaw a restructuring of the bank. With his experience in government guaranteed lending through the United States Small Business Administration, Export-Import Bank of the United States and the Business and Industry Loan Program of the United States Department of Agriculture, Holbrook Cooperative Bank soon had the highest volume of Small Business Administration by dollar value of any bank in Massachusetts.

A college hockey player, Falvey has been a NCAA Division 1 hockey official and a youth hockey coach. Married with three adult children, he and his family will be moving the Lakes Region.

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Street repairs a top priority for city committee in coming year


LACONIA — Street repairs tops the list of projects recommended by the city's Capital Improvement Program (CIP) Committee, to be undertaken in fiscal year 2017-2018.

The CIP Committee scores and ranks the capital requests submitted and presented by city departments. Its recommendations are adopted by the Planning Board, but are not binding on the city manager, who proposes a list of capital outlays for the approval of the City Council in the course of preparing the annual city budget/

The committee recommended spending $1.6 million for street repairs, the minimum required to keep pace with the deterioration of the some 85 miles of paved roadways in the city and $100,000 more than was appropriated in the current budget. In the 2016-2017 budget, City Manager Scott Myers anticipated that priority would be assigned "several costly road actions." including Court Street, North Main Street, Warren Street and Frank Bean Road, in the next few budget cycles.

The committee also gave priority to repairing the retaining wall on Union Avenue which stretches for approximately 1,000 feet and stands between 4 feet and 12 high across from Irwin Marine. A year ago the committee ranked an engineering study 35th on its list of recommendations, but this year has placed the project in sixth place, with an estimated cost of $95,000.

Other high priorities include three cruisers and mobile data terminals for the Police Department and improvements to the north end of the boardwalk at The Weirs.

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Genesis to buy into downtown, consolidate operations


LACONIA — Genesis Behavioral Health has made a purchase-and-sales agreement with LRGHealthcare to acquire the building at 577 Main St. that houses HealthLink in a transaction anticipated to close in March.

"I'm delighted," said Maggie Pritchard, executive director of Genesis, who said she has been looking for a property where the agency could consolidate all its clinical and administrative operations under one roof, for eight of the 10 years of her tenure. "We have been seeking a facility that best meets the needs of our patients, staff and community for many years. The prospective purchase of this property is an opportunity for Genesis to become more efficient, expand services in Belknap County and contribute to the economic growth and vitality of downtown Laconia."

Earlier this year, Genesis abandoned plans to purchase the privately owned portion of the downtown parking garage when the condition and future of the structure were clouded in uncertainty, and in 2010 failed to secure the Federal Building on North Main Street, which was awarded instead to Lakes Region Community Services.

The acquisition will enable Genesis to combine its two campuses at 111 Church St. and 771 N. Main St., along with leased office suites on Beacon Street West and Water Street, at a single location.

Neither Genesis nor LRGHealthcare are disclosing the terms of the transaction. The property consists of three separate but interconnected buildings with approximately 23,000 square feet of usable space with a current assessed value of $1,335,300.

Pritchard said that the building will be completely renovated "down to the brick," and estimates the cost of the project at approximately $5 million. Genesis is working with Samyn-D'Elia Architects of Ashland, REI Service Corporation of Manchester and Conneston Construction Inc. of Laconia and is committed to employing local vendors to undertake the project. The renovation will be financed with borrowings from the New Hampshire Health and Education Facilities Authority, tax credits from the Community Development Finance Authority, proceeds from the sale of Genesis's properties,

Pritchard said that Genesis expects to begin renovating the building in April and to occupy it by Dec. 1, 2017. "It's an aggressive schedule," she said, "but we can do it."

Kevin Donovan, president and chief executive officer of LRGHealthcare, said that the corporation "has a strong history of partnership with Genesis Behavioral Health and we understand the need for community-based health care for those with mental illness. The sale of the HealthLink Building to Genesis," he went on, "further solidifies our desire to find solutions that meet the growing demands for mental health services in our region."

Meanwhile, Mayor Ed Engler said, "We are so excited to bring additional employees and new customers to the downtown area and that a significant structure located in the heart of downtown Laconia will receive a major facelift. The city is committed to making our Main Street a vibrant center for commerce and this initiative will contribute significantly to that objective."

A private, nonprofit corporation, Genesis Behavioral Health is designated by the state as the community health center serving Beknap and southern Grafton counties and provides mental health care to some 4,000 individuals of all ages each year.

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