A de novo bank seeking to open in Nashua received approval from the FDIC for deposit insurance on July 30. The bank-in-formation is still awaiting word on its application with the New Hampshire Department of Banking.

Millyard Bank hopes to be a boutique bank that will offer traditional loans and deposit services, with an emphasis on loan transactions of $3 million or less. It hopes to focus its services on small and medium-sized business owners and professionals in the Nashua area.

“We feel as though those folks don’t have the same access to capital that they had a few years ago,” G. Frank Teas, the planned president and CEO of the bank, told The Registry Review earlier this year. “There were many community-oriented banks around the Greater Nashua area, but they have slowly gone away from mergers and acquisitions.”

Teas was the founder, president and CEO of Nashua’s last headquartered bank, The Nashua Bank, which would eventually merge and become a part of Newport-based Lake Sunapee Bank at the end of 2012. Lake Sunapee would then go on to be purchased by Bar Harbor Bank & Trust in 2016.

However, Millyard Bank is charting a path similar to The Nashua Bank. The organization has recruited a diverse group of well-respected greater Nashua business professionals, many of whom were involved with The Nashua Bank and Lake Sunapee.

Nashua developer John Stabile will serve as chairman of the board of directors. Laura Mower, who worked for two decades at Lake Sunapee, will be the bank’s CFO.