Primary Bank Could Be First In U.S. Since 2010
BEDFORD, N.H. – New Hampshire soon may be home to the newest bank in the country.
Primary Bank is a proposed local bank looking to establish its first location in Bedford.
The bank, which gained momentum through a grassroots effort, has garnered a support base of mainly Bedford-based businesspeople.
Primary Bank’s 13 proposed directors include President and CEO Bill Stone, who has 30 years of banking experience in southern New Hampshire, including with Southern New Hampshire Bank & Trust, after it was renamed Bank of New England.
Stone said Primary Bank is awaiting confirmation from the state Banking Department and Federal Deposit Insurance Corp., approvals he expects by the second quarter of the year.
State Banking Commissioner Glenn Perlow said there has not been a new application for a U.S. bank since 2010.
Christiana Thornton, president and CEO of the New Hampshire Bankers Association, said the group is enthused about the news. She said nationally it would be a big step forward and one being watched across the country to see if the FDIC will approve the new charter.
Stone said he believes given the consolidation in the banking industry the business community is looking for smaller institutions to provide services.
He said Primary Bank would have the customary deposit products, but on the lending side the focus would be on business lending to the smaller business customer, including everything from small business loans or commercial investor loans to capital lines of credit.
Primary Bank has raised $3 million in its initial capital round with a total investor base of more than 130 investors, Stone said. He added that he currently is working on a date for the next capital round, which will be sometime early this year.
Source: New Hampshire Business Review