New Nashua Bank gets preliminary OK

Founders of The Nashua Bank have received preliminary conditional approval for organizing the financial institution, they announced Tuesday.

The New Hampshire Board of Trust Company Incorporation and the Federal Deposit Insurance Corp. each have given their approval of the bank’s organization. Both approvals are conditioned on, among other things, the bank raising sufficient equity capital to support its planned operations as outlined in the business plan that the bank filed with both regulatory concerns.

The bank is being organized by Nashua area businessmen and will be governed by 15 directors, all of whom either work or live in Hollis, Hudson and Nashua.

The nine organizers, led by Nashua native and local banker G. Frank Teas, include: Stephen J. Frasca, chairman; John A. Koutsos; Jack R. Law; Richard L. Manganello, vice chairman; Lorin S. Rydstrom; Robert J. Rzasa; John P. Stabile II; and Thomas N. Tessier.

The nine organizers will be joined by six additional directors, including David L. Brassard, Jean Gottesman, F. Andrew James, Mary Jordan, Bradley R. Kreick and William K. Phillips.

The bank is being organized as a New Hampshire-chartered bank and trust company, with headquarters in Nashua. Teas said the bank intends to operate as a community-oriented commercial bank focusing on providing banking services to small- and medium-sized businesses, professionals and consumers located primarily in the greater Nashua area.

The bank will be located at 188 Main St. in downtown Nashua. Joining Teas as members of senior management are Pamela Dearborn and Thomas Boucher. Dearborn was most recently employed by Bank of New England, the former Southern New Hampshire Bank, and will serve as chief financial and operations officer. Boucher, chief lending officer, was most recently employed by TD Banknorth. – JEFF FEINGOLD