Business leaders explore creating a new Nashua-based community bank

NASHUA – Citing the absence of a true community bank in Nashua, a group of well-known and highly regarded Nashua-area business leaders today announced a new entity, The CBTBE Corporation. CBTBE is the seed company that will shepherd the development of a new community bank, which will be headquartered in Nashua and serve small to medium-sized businesses, professionals and consumers in the Greater Nashua area.

Longtime banking executive and Nashua native G. Frank Teas will be CBTBE’s President and Chief Executive Officer. Other organizers include Lorin Rydstrom, Jack Law and Gerry Gartner of Hollis; Peter Nash of Hudson; and John Stabile, Lori Lambert, Jack Tulley and Peter Tamposi of Nashua.

“The current trend is toward ever-larger, national and regional banks looking for customers that will generate larger loans and higher deposits, which leaves many local business owners challenged to find capital,” said Teas. “We envision a community bank that will focus on smaller loans – under $3 million – and the kind of first-name, personal service that only friends and neighbors can provide.”

Teas noted that no financial institutions currently operating in Nashua are headquartered here, which means decisions about loans and other services are typically made by people who are based elsewhere, and have no connection to the area’s communities, residents or businesses.

The CBTBE Corporation’s vision for the new community bank is straightforward: establish a locally-owned and -managed community bank to serve people, professionals and businesses in Southern New Hampshire. The bank will offer customized products and services, with an emphasis on personal, relationship-based customer service. At the same time, it will offer a robust platform of online and mobile banking services to maximize customer convenience and deposit reach. And in true community banking style, the new bank will actively participate in the community through volunteerism and philanthropy.

“We intend to be a proactive financial resource and partner for professionals and smaller business owners who seek financing for their business needs. We will value their history, integrity, and individual situations when making loan decisions,” said John Stabile, Chairman of The CBTBE Corporation Board of Directors. “We are local people with deep roots in the region; we will know our customers and will make decisions right here. We are excited about the prospect of bringing true community banking back to the Greater Nashua area.”

CBTBE anticipates filing an application to create a community bank with the New Hampshire Banking Commissioner and the Federal Deposit Insurance Corporation in August 2018.