The Massachusetts Division of Banks and the FDIC have approved the offering of up to $5 million dollars of units consisting of two shares of common stock and one warrant by Springfield-based NUVO Bank & Trust Co.

The offering will consist of the sale of a minimum of 111,111 units and a maximum of 555,555 units at a price of $9 per unit. The offering will end on March 11, subject to extension for two additional periods of up to 30 days each, but not beyond May 10.  The bank will use the net proceeds of the offering to fund future anticipated growth and for general corporate purposes.

 "The bank’s growth in assets shows the positive response in our market area to a locally-owned, commercial bank model like ours," M. Dale Janes, chief executive officer, said in a statement.

When NUVO Bank received its certificate to transact business as a commercial bank on April 24, 2008, it became the first bank to be state chartered in Massachusetts in twenty years. NUVO Bank became profitable in April of 2011 and reached $104.6 million in assets on Sept. 30, 2012.