Millyard Bank opened its doors just before Christmas, and hopes to grow by focusing on commercial lending.
Millyard Bank, the newest bank in the state of New Hampshire, simultaneously stands out and blends in with other financial institutions in the state. That’s good news for business owners. With its official opening on Dec. 23, the bank is poised to assist businesses large and small with all of their finance needs.
Commercial lending is the prominent focus of the bank, said President and CEO G. Frank Teas. He stated that the bank wants to be the solution for business owners and is prepared to lend up to several million dollars to businesses looking for loans.
Millyard Bank opened its doors after receiving approval from the state Department of Banking and completing the necessary applications. Over 200 shareholders, most of whom were part of local private placement offerings, Teas said, raised nearly $21 million in capital for the bank.
Still, not everyone in the Nashua area believed a new bank was needed.
“Do we really need another bank?” is a question Teas said he’s heard in the community infrequently but counters with this statement: “One thing folks need to understand is that not every bank can serve every person.”
Smaller banks, Teas stated, can’t loan many millions of dollars, but are the perfect solution for individuals who require flexibility along with a quick reaction and pivot time. Community banks are also great about offering common sense decision-making solutions for busy business owners.
The types of commercial lending Millyard Bank offers businesses is four-fold: commercial mortgages, term debt, equipment financing and lines of credit, noted Teas.
While the bank offers services outside of the commercial lending arena, it will focus on financing in the marketplace, Teas said.
“We want to be the solution for business owners. We do that by leveraging technology and providing exceptional customer service,” he said.
Partnership with Fiserv
In order to provide that exceptional customer service, Teas stated that choosing its financial technology partner carefully was extremely important. Millyard Bank has partnered with Fiserv, a fintech which checked all the boxes for the bank, Teas stated, and then some.
Along with the typical services for busy financial institutions, Fiserv offers some of the newest banking tech services like remote deposits, digital disbursements and digital payment options.
“We’ll have awesome technology for every service offered,” stated Teas.
Millyard Bank plans to analyze customer needs over the next few years and add additional services as needed with more fintechs and other providers as necessary, Teas said.
“We’re very happy to see Millyard Bank open its doors,” Kristy Merrill, president of the New Hampshire Bankers Association said.
She believes the new bank will further enhance the landscape of financial institutions currently in the state.
Currently, there are 16 New Hampshire–chartered banks in the Granite State along with 15 out-of-state banks, and seven federally-chartered banks, noted Merrill.
“All of our banks want to offer really cutting-edge technology to serve their customers in the way they want to be served,” she stated.
Merrill noted that the largest challenge for most banks right now is the workforce shortage, one of the few downsides of a strong economy. It’s a problem that is common in most other industries at present, too.
Still, she believes that there is room for another financial institution in the state.
“We’re happy to have Millyard Bank here in New Hampshire. I really believe there is room for them as well as the other banks here today,” Merrill said.
