Appeal of Concerned Corporators of the Portsmouth Savings Bank

I concur in the per curiam opinion vacating the board’s order granting Portsmouth Savings Bank’s (Portsmouth or Bank) application for conversion from a mutual savings bank to a stock form of ownership and for its simultaneous acquisition by Amoskeag Bank Shares, Inc. The plan as submitted is unfair to the depositors of Portsmouth. The per curiam decision holds that the Bank’s charter vests rights in Portsmouth’s depositors to proportionate distributions of bank surplus in reasonable amounts and at reasonable intervals. Such a standard should not be unfamiliar to persons, such as bank…