New Community Bank in Nashua Could Open Next Year

NASHUA, N.H. - Several area businesspeople have announced their plans to open a new Nashua-based bank. According to the New Hampshire Business Review, the group, led by banking executive G. Frank Teas, has announced plans to launch a new community bank.

Others involved in the bank startup are Lorin Rydstrom, Jack Law and Gerry Gartner of Hollis; Peter Nash of Hudson; and John Stabile, Lori Lambert, Jack Tulley and Peter Tamposi of Nashua.

“The current trend is toward ever-larger, national and regional banks looking for customers that will generate larger loans and higher deposits, which leaves many local business owners challenged to find capital,” said Teas. “We envision a community bank that will focus on smaller loans – under $3 million – and the kind of first-name, personal service that only friends and neighbors can provide.”

Teas said that no financial institutions currently operating in Nashua are headquartered in the city, which means decisions about loans and other services are typically made by people who are based elsewhere, and have no connection to the area’s communities, residents or businesses.

It’s anticipated that the bank could open in the summer of 2019.

To read the full story, visit NH Business Review.