FDIC approves application for proposed N.H. de novo
A group aiming to open New Hampshire's second de novo bank in the past decade is a step closer to making that happen.
The Federal Deposit Insurance Corp. on Tuesday approved an application by the organizers of Millyard Bank in Nashua. The group applied with the FDIC in December.
Organizers must raise at least $20 million in initial capital, the FDIC stated in its order conditionally approving deposit insurance.
G. Frank Teas, who will serve as Millyard's president and CEO, said his group should have all the capital raised by Aug. 12. He said there were no other conditions imposed by the FDIC that were surprising or problematic.
"The regulators were really clear communicators and transparent throughout the process," said Teas, who was the founding CEO of Nashua Bank in 2007. "They were a great resource."
While Millyard still needs approval from its state regulator, Teas said he is optimistic the bank can open by the end of this year.
Organizers announced in March that they had signed a lease for a 7,000 square-foot branch that is under construction.
"I keep telling everybody the goal is Thanksgiving but let's not be surprised if it's a December open," Teas said.
Organizers said they want to create a boutique bank to serve small to midsize businesses, professionals and consumers in the Nashua area.
Primary Bank opened in 2015, becoming New Hampshire’s first post-crisis de novo.