Exhibit 99

             Copy of the joint press release, dated March 14, 1997,
             issued by Pemi Bancorp, Inc. and The Berlin City Bank.











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NEWS RELEASE
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION

         William Woodward, President and CEO
         The Berlin City Bank
         (603) 752-1171

         Fletcher Adams, President and CEO
         Pemi Bancorp, Inc.
         (603) 536-3339
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                BERLIN CITY BANK AND PEMIGEWASSET NATIONAL BANK
                         JOINTLY ANNOUNCE MERGER PLANS


         Berlin and Plymouth, NH - March 14, 1997. The Berlin City Bank, and the
Pemi Bancorp,  Inc.,  parent of Pemigewasset  National Bank,  jointly  announced
today that they have signed a definitive merger agreement under which both banks
will become subsidiaries of a new Holding Company, Northway Financial, Inc. Both
Pemigewasset  National  Bank and Berlin  City Bank will  continue  to operate as
separate community banks.

         Prior to the  effective  date of the merger,  each share of Berlin City
Bank stock will be converted  automatically into 16 shares of Northway Financial
common stock.  Each  outstanding  share of The Pemi Bancorp Common Stock will be
converted  into  1.0419  shares  of  Northway   Financial  Common  Stock.   This
transaction,  which is expected to be accounted for as a pooling-  of-interests,
is valued at $19.3 million.

         The  proposed  transaction  is subject to state and federal  regulatory
approval as well as approval be shareholders.

         In announcing the transaction, William J. Woodward, Chairman, President
and Chief  Executive  Officer of The Berlin  City Bank,  and of the new  holding
company,  stated,  "The Pemi  Bank is a strong  community  bank  which is highly
successful in providing  personalized  service to its customers.  Plymouth,  New
Hampshire  is an  attractive  banking  market  and a  logical  extension  of the
existing  market base of both banks. We plan to capitalize on our two successful
community banking franchises. The two companies are the dominant institutions in
their respective  communities,  and we look forward to collectively  helping the
three northern counties of New Hampshire prosper and grow."

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         Fletcher Adams,  President and Chief Executive  Officer of Pemigewasset
National  Bank, and Vice Chairman of Northway  Financial,  Inc.  stated,  "Since
1881,  Pemigewasset's focus has been the promotion of strong banking services to
its customers and  communities.  Northway  Financial  brings together two strong
northern New  Hampshire  community  banks which will  continue to operate  under
separate  franchises.  The shared  strengths  and  visions of the two banks will
combine to offer stronger lending  capabilities,  and deposit product offerings.
As the banking  locations are in different  towns, and complement each other, we
do not expect that there will be any office  closings or job loss. Bill Woodward
and I have had extensive  discussions  about this transaction and its structure.
It is an ideal  combination,  and is a very  positive  action for  Northern  New
Hampshire."

         Northway Financial, Inc., headquartered in Berlin, will be a multi-bank
holding company with total assets of approximately $373 million. The transaction
is expected to be  consummated  in late summer or early fall.  The company  will
operate,  through  its two banking  subsidiaries,  twelve  full-service  offices
located in the three northern counties of the State.
 

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