One year after opening as Massachusetts’ first de novo bank in more than a decade, New Valley Bank & Trust plans to expand its headquarters by moving to a former United Bank branch.

The Springfield-based bank will move from its ninth-floor office in Monarch Place to the lobby, giving the bank 6,000 square feet for its headquarters and a branch office. The bank said in a statement that the new location would increase “its visibility and commitment to the Springfield community as a Main Street bank.”

New Valley opened on May 30, 2019, and held its first annual shareholder meeting last week

“We have assembled a tremendous team which has worked under pressure, especially over the past two months,” New Valley board chair Frank Fitzgerald said in a statement. “Our board has provided solid advice and guidance not only to our management team but to the community in the civic, charitable and business leadership roles that our board members serve in daily.”

Jeff Sullivan, the bank’s president and CEO, said the bank was formed “to serve the needs of local small business owners and their employees.”

“We recognized two underserved niches in the local banking landscape when we formed the bank,” Sullivan said. “Never did we imagine that there would be an economic disruption on a global scale that would highlight the need for strong local banking such as we have encountered in 2020. We are grateful to have been able to serve the community through this difficult period.”

The bank brought in 500 loan customers and more than 1,000 deposit accounts in its first year, Fitzgerald said. New Valley also participated in the Paycheck Protection Program, and Fitzgerald said businesses retained 5,000 jobs with the loans.

“We appreciate the choices that our customers are making to bank locally and to help us grow and thrive,” Fitzgerald said.

The bank had $85 million in total assets on March 31, up from $63 million at the end of 2019. Total outstanding loans were $36 million at the end of the first quarter compared to $29 million on Dec. 31, and total deposits had increased from $43 million to $64 million.

The United Bank at Monarch Place, Springfield’s tallest building, closed earlier this year as part of People’s United Bank’s branch consolidation following its merger. The lobby space was also once home to a Bank of America branch.

New Valley’s move to the new location is expected in mid-summer, and the ninth-floor office will remain open until then. The bank also has a branch in the Sixteen Acres neighborhood of Springfield at 1930 Wilbraham Road.

Upcoming initiatives for New Valley include planning tools and content to help employers and consumers improve financial wellness and an online account opening tool.