A: The CBTBE Corporation (CBTBE) is a company formed by well-known and respected Nashua-area business and community leaders. The company will explore creating a new, state-chartered, community bank in Nashua.
A: CBTBE is led by a diverse group of well-respected greater Nashua business professionals with great experience in banking, economic development, philanthropy and running businesses. Nashua developer John Stabile will serve as Chairman of the CBTBE Board of Directors and longtime banking executive and Nashua native G. Frank Teas will be CBTBE’s Chief Executive Officer. At this time, other organizers include Lorin Rydstrom, Gerry Gartner, and Jack Law of Hollis; Peter Nash of Hudson; and John Stabile, Jack Tulley and Peter Tamposi of Nashua.
A: CBTBE has engaged experienced banking consultants to assist with the application process and will work closely with them over the next several months to explore and potentially establish a state-chartered, FDIC insured, community bank that will be headquartered in Nashua and serve southern New Hampshire. The goal is to establish a community-oriented commercial bank to provide financial services to small to medium-sized businesses and professionals.
A: CBTBE anticipates filing an application to create a community bank with the New Hampshire Banking Commissioner (NHBC) and the Federal Deposit Insurance Corporation (FDIC) in August 2018. We anticipate the regulatory review will take approximately seven months. Should CBTBE Corporation receive regulatory approval we would anticipate opening the bank by summer 2019.
A: The bank’s name is still being considered and will be announced at a later date.
A: Big national banks are becoming bigger through mergers and consolidation. Many regional and so-called community banks are being bought and managed by larger, out-of-state entities and are focusing primarily on large loan transactions due to pressure to achieve aggressive annual growth milestones. Because of these industry dynamics, it has become increasingly difficult for small to medium-sized businesses to secure funding that meet their needs. Many banks today have minimum lending thresholds. Local representatives who process the loans, and who may have a relationship with the customers, are not part of the decision-making process. Yes/no decisions are made through a centralized loan center often far away
Southern NH today lacks a true ‘community’ bank – one that is independent, locally-owned and managed, and where decisions are made locally by people who get to know their customers, rather than by someone outside the region, or the state who is more interested in the transaction meeting rigid guidelines, than in the relationship.
A: Currently there are no banks headquartered in Nashua, which is New Hampshire’s second largest city with a vibrant and growing economy. Many business professionals, retail customers, and particularly small to medium-sized business owners have told us they are having great difficulty obtaining capital and/or personalized service from existing financial institutions. They truly “feel like a number” without a financial partner that takes the time to know them and genuinely cares about their success.
A: It will be true ‘community’ bank – one that is based in Nashua, is independent, locally-owned and managed, and where decisions are made locally by people who get to know their customers, rather than by someone outside the region, or the state.
A: We will be a boutique bank that offers a complete suite of traditional loan and deposit services, with the emphasis on personal service. First and foremost, we will work to establish strong personal relationships with our customers, so we can understand their needs and goals. At the same time, we will leverage the latest in e-commerce and mobile-banking technology to maximize customer convenience and deposit reach. We will focus on loan transactions of $3 million or less to keep our emphasis firmly on serving small to medium-sized businesses and other customers.
A: We are currently evaluating various locations, but have not yet selected one. Our goal is to find a location that is easily accessible for local customers.
A: We expect to hire approximately 15 people in advance of opening. As a community bank, our focus is local and our service model is based on relationships, therefore we expect to draw employees who are familiar with the area, its people and businesses.
A: We will be a ‘community’ bank based in Nashua that is independent, locally-owned and managed, and where decisions are made locally by people who get to know their customers. We will have one location – in Nashua – but at the same time, we will leverage the latest in e-commerce and mobile-banking technology to maximize our reach, and offer convenience to our customers.
A: The short answer is: No. While it is true that many of CBTBE’s founding board members also founded The Nashua Bank, the banking landscape in New Hampshire, and indeed the entire country, has changed dramatically over the past decade. The recession of 2008 – 2010 resulted in significant changes to banking regulations. Specifically, the Dodd–Frank Wall Street Reform and Consumer Protection Act and creation of the Consumer Financial Protection Bureau, both of which had significant impacts on banking and forced many mergers as smaller banks struggled under the strain on resources. The Nashua Bank was acquired by Lake Sunapee Bank in 2012 as a result. The new community bank will have one physical location offering traditional in-person banking services, but will heavily leverage technology for electronic delivery of products and services to customers, negating the need for additional branches which will allow us to maximize resources and efficiency.