One of New Hampshire’s newest banks has kicked off a second fundraising campaign.
Bedford-based Primary Bank is looking to raise $15 million to $20 million of capital investment via a stock offering. The bank raised $30.4 million in capital from over 421 shareholders during its first round in 2015.
“We are thrilled to have achieved this type of growth in less than five years of the Bank’s existence. It speaks volumes of the importance of having a local community bank dedicated to providing local, personalized service to businesses and individuals,” Primary Bank President and CEO Bill Stone said in a statement.
The new investment round will be used to support future growth, the bank said in a statement. The funds will enable the bank to increase lending capacity by providing additional capital to support new loans and higher lending limits. It will also be used to expand retail banking offices and other general operations.
The bank opened its second branch in Manchester in January 2019 and opened an operations center in November. The bank is planning to open a third branch in Derry this month.
Primary Bank held $263.75 million in assets as of Sept. 30, 2019, according to the FDIC, with deposits of $234.08 million.