New Hampshire’s – and the United States’ – first mutual bank in a half-century has been approved.

Walden Mutual was recently granted a charter by the New Hampshire Division of Banks. The company plans to open its largely virtual doors to deposits in FDIC-insured savings accounts this summer, Charley Cummings said in an announcement emailed to Walden Mutual supporters.

A formal opening date has not yet been announced and any branch footprint will likely be limited. Cummings told the Registry Review last fall that Walden plans to heavily leverage online banking.

The bank hopes to make most of its lending in the sustainable food sector, from producers like farmers to processors and other parts of the supply chain. It’s a market segment that Cummings believes isn’t well served by traditional or agricultural lenders because of its uneven cashflows and unique economics.

“We are committed to reinvigorating this age old model for the modern era to grow and shape our local food ecosystem for the better,” Cummings said in his announcement on May 1.