Proposed N.H. mutual gets state approval

Organizers of the proposed Walden Mutual Bank have received conditional approval from the New Hampshire Banking Department. 

Walden Mutual, which is seeking to become the first new mutual in years, has already made a few loans. The bank would be based in Concord. 

The group behind the effort is looking to raise at least $25 million of initial capital, Charley Cummings, the proposed bank’s founder, told the Concord Monitor. He said the plan is to open in late summer.

Organizers applied with the Federal Deposit Insurance Corp. for deposit insurance in September.