DeNovo To Relocate Springfield Headquarters
June 2, 2020
New Valley Bank & Trust celebrated the successful completion of its first year in business with its first annual shareholders meeting on May 29. New Valley, based in Springfield, is the first new bank in Massachusetts in a decade.
The bank's leaders also announced the relocation of the bank’s Monarch Place headquarters from the ninth floor of the office tower to the lobby in an expanded 6,000 sq. ft bank branch and headquarters, increasing its visibility and commitment to the Springfield community as a Main Street bank. The move is expected to be completed by mid-summer. The concierge-style branch on the ninth floor is open for business until the date of the move.
The bank had $85 million in total assets, $36 million in outstanding loans, and $64 million in total deposits at March 31, 2020, the most recent date that public information is available.
In addition to the physical presence of the new Monarch Place headquarters and the growing full-service retail branch at 1930 Wilbraham Rd. in the Sixteen Acres neighborhood of Springfield, the bank is embarking on new initiatives to improve financial wellness to the community via planning tools and content made available to employers and to consumers. The bank is also launching its online account opening tool to increase options and provide additional convenience for customers.
New Valley board chair Frank Fitzgerald thanked the shareholders, board, and staff for their commitment to the bank’s service model. “We have assembled a tremendous team which has worked under pressure, especially over the past two months. Our board has provided solid advice and guidance not only to our management team but to the community in the civic, charitable, and business leadership roles that our board members serve in daily.”
New Valley President and CEO Jeff Sullivan added, “Our bank was formed to serve the needs of local small business owners and their employees. We recognized two underserved niches in the local banking landscape when we formed the bank. Never did we imagine that there would be an economic disruption on a global scale that would highlight the need for strong local banking such as we have encountered in 2020. We are grateful to have been able to serve the community through this difficult period.”
Willingness To Appreciate Nuances Will Serve Customers Best
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.