Primary Bank reaches $100 million in assets
Milestone reached in 20 months – fastest in recent history
Primary Bank, New Hampshire’s newest state-chartered bank and the second FDIC-insured bank in the country to open since the recession, has surpassed $100 million in total assets after 20 months in operation.
The locally owned and operated community bank, which was launched in Bedford in July 2015, has reached that milestone faster than any other state-based bank in recent history.
According to the FDIC, Primary first reported $33.8 million in assets in September 2015. At of the end of the first quarter of 2017, on March 31, Primary reported $102 million in assets, an increase of 201 percent. Much of that growth occurred over the past year, as total assets grew by $57.5 million or 128 percent.
Optima Bank & Trust, a locally-owned bank based out of Portsmouth with five branches and a loan office, surpassed the $100 million exactly two years after it first started reporting figures to the FDIC. However, Optima did expand its assets by a greater rate, having started at $15.6 million in 2008, with 483 percent growth achieved in 20 months.
“Reaching $100 million in assets in this short period, is something we are all pleased with,” said Bill Stone, president and CEO of Primary Bank in a press release. “This bank was started because we believed there was a real need in this region for a locally owned bank, and we are thankful that the business community and our clients have responded to us right from the beginning. Our success is reflective of the success of our customers and we are thrilled to have the opportunity to play a role in their growth while we grow.”
Primary Bank has $74.9 million in total loans outstanding and $76.4 million in total deposits, the bank said.