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Group files for de novo bank in New Hampshire

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Group files for de novo bank in New Hampshire

The organizers of Millyard Bank filed an application with the Federal Deposit Insurance Corp. to open New Hampshire's second de novo bank, American Banker reported Dec. 12.

The group also submitted an application to the New Hampshire Banking Department. G. Frank Teas would lead the proposed bank, according to the report.

Teas was the founding CEO of Nashua Bank. New Hampshire Thrift Bancshares acquired that bank in 2012.

Teas told American Banker the Millyard Bank organizers plan to raise $20 million in initial capital and the bank's opening is targeted for summer 2019 in Nashua, N.H. John Stabile will be the chairman of the proposed bank and Lorin Rydstrom will serve as the vice chairman, according to the report.