New Bank Reaches Halfway Mark in Capital Campaign
As the anticipation of the proposed arrival of Tower Square's newest banking tenant grows, comes news that the Board of Directors of Nuvo Bank & Trust has surpassed the halfway mark in its capital raise campaign, and is extending the local campaign through October 31st.
Board members are eyeing the former bank location on street level at the Main Street entrance of Tower Square as the home for this start-up commercial bank.
The bank needs to raise $15 million in capital to apply to the state Division of Banks for its Certificate to Transact Business. The ultimate goal is to raise $25 million in capital before opening the bank headquarters this year in Tower Square.
"We currently have 300 investors, and based on feedback, there are many more who are interested in attending our informational meetings now that most of the summer distractions are over," said James Gardner, Chairman and Chief Executive Officer. "We want to give the local community every opportunity possible to get in on the ground floor of this investment offer."
The bank's Board of Directors is inviting potential investors to attend Investment meetings every Thursday from now until October 11th at 5:30 at the Hilton Garden Inn. The minimum investment is 1,000 shares at $10 per share. According to Gardner, so far about 30% of investors have used retirement funds such as IRAs, 401(k)s and other pension plans to invest.
According to Jeffrey Sattler, President and Chief Operating Officer, Nuvo needs less than one half of one percent of Hampden County's $7.5 billion market share to beat its three-year business plan. "Our focus as a bank will be on filling a major gap that exists in servicing small and mid-sized businesses in the local community," said Sattler. "By supporting businesses in Western Massachusetts, profits from the bank will be reinvested in the community, " he added.
Nuvo is proposed to be the first locally owned commercial bank in Springfield in 20 years.
For more information call (413) 787-2700.
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