New Valley Bank & Trust, a Springfield, Massachusetts-based new bank, as per recent reports, is currently working on gaining a bank charter permit and federal deposit insurance. The Massachusetts-based bank, which is already in the process of completing an investment funding round, will be opening its first domestic branch in Springfield, Hampden County, Massachusetts, later this year.
The bank’s website says the bank was set up “by a diverse group of results-driven founders, investors, and professionals capitalizing on the economic momentum of the region each of us calls home”. Furthermore, as promised on the website, the bank will be offering personalized services and “best-in-class product suites that are thoughtfully designed to elevate the financial prosperity of customers”.
Frank P. Fitzgerald, Founder & Chairman of NV B&T, is renowned as the founder of The Bank of Western Massachusetts in the mid-1980s. He, then, raised the bank’s assets to over $1 billion by 2009 (when the bank was sold to Peoples’ United Bank).
The NV B&T claims to stand out among other larger banks with its “authentic commitment to accountability and responsiveness”. The bank’s website also goes on claiming that, “Our robust digital platform is coupled with local decision-makers capable of moving in real-time to keep pace with a business community that is vibrant and growing.”
Furthermore, NV B&T has chosen Baker Hill‘s NextGen as its commercial and small business lending partner. Baker Hill’s technology will help the NV B&T with originating commercial and SME loans and managing risk “all within a single platform”.