The state’s first de novo bank in more than a decade is officially open for business.
New Valley Bank & Trust opened its doors for the first time today in Springfield. Grand opening events are expected to be held between June 10 and June 14.
“We are grateful to the tremendous community support that has helped to launch New Valley Bank,” New Valley’s President and CEO Jeff Sullivan said in a statement. “That support stretches from our shareholders to the customers who intend to become depositors and borrowers to the community groups working with us to increase banking access across the region. New Valley intends to join the list of innovative companies that call this region home.”
The opening of New Valley completes a process that formally launched more than one year ago.
The goal of the new bank is to cater to small business owners in Springfield that have not been able to get adequate banking services, due to all of the consolidation in the industry, and also better reach the unbanked and underbanked populations.
“Thirty-two years ago I was fortunate to participate in the successful formation of The Bank of Western Massachusetts,” Frank Fitzgerald, the New Valley’s founding chairman, said in a statement. “Today we celebrate that same spirit shown by the new generation of business leadership in the Pioneer Valley and we look forward to a similar level of commitment to service along with cutting edge technology.”
The bank will be a full service community bank that plans to offer retail and commercial banking services typically found in traditional community banks with an emphasis on commercial lending and commercial real estate lending.
New Valley’s pitch to customers focuses on quality of service coupled with new and innovative products. This will include an new digital banking platforms with money management tools for individuals and businesses. It will also include online account opening tools it says will be every bit as fast as “cafe banks” and online banking for business.
New Valley pulled together a group of 300-plus local shareholders, and completed a capital campaign that raised between $25 million to $30 million in capital.
The bank currently has one office at 1 Monarch Place, which will be open for business from 9 a.m. to 4:30 p.m., Monday through Friday. Complementary parking is available for customers in the Monarch Place/Sheraton parking garage.
A newly renovated branch location at 1930 Wilbraham Road in the 16 Acres section of Springfield is anticipated to open in early August.
