Millyard Bank plans to open a second location in Hollis
Public stock offering announced ahead of expansion
Millyard Bank, the Nashua-based community bank that opened for business in late 2019, is starting off its third year with a second branch in Hollis and the announcement of its first public offering of stock.
G. Frank Teas, president of the bank, said it “is a very exciting time” for the bank. “The addition of a second location in Hollis allows us to provide convenient, local banking to a broader range of individuals and businesses. And the investments made through our public offering will bolster our ability to extend loans to businesses and individuals throughout southern New Hampshire to help ensure that they – and the region’s economy – thrive in these uncertain times.”
The bank needs regulatory approval before it opens the new branch. If all goes well, Teas anticipated an early 2022 opening.
The stock offering will total 460,000 shares of common stock at $12.50 per share, Teas said.
Participation in the stock offering is limited to current shareholders and potential investors in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and potentially other states where there is an exemption from registration under applicable securities laws.
Millyard Bank opened its doors on Dec. 23, 2019 – one of only five banks to open in the United States that year. Since that time, it was weathered the pandemic and the resulting economic roller coaster that has followed.
“It has certainly been an eventful 22 months since we started,” said Teas. “But our success is testament to the need for a true community bank in our region – especially during challenging times – and to our tremendously dedicated team of banking professionals who have worked tirelessly to serve our customers. We look forward to this next step, and to becoming part of the Hollis community.”