SPRINGFIELD – NUVO Bank & Trust Company management has announced that the State Division of Banks and the FDIC have approved the offering of up to $5 million of units consisting of two shares of common stock and one warrant.
The offering will consist of the sale of a minimum of 111,111 units and a maximum of 555,555 units at a price of $9 per unit. The offering will end on March 11, subject to extension for two additional periods of up to 30 days each, but not beyond May 10. The bank will use the net proceeds of the offering to fund future anticipated growth and for general corporate purposes.
"The bank's growth in assets shows the positive response in our market area to a locally-owned, commercial bank model like ours," M. Dale Janes, chief executive officer, said.
When NUVO Bank received its Certificate to Transact Business as a commercial bank on April 24, 2008, it became the first bank to be state chartered in Massachusetts in 20 years. Since then, NUVO Bank's growth has been steady, continuing through September 2012 with NUVO Bank reaching $104.6 million in assets at Sept. 30, 2012. NUVO Bank became profitable in April 2011.
Jeff Sattler, president of NUVO Bank, said, "We believe that NUVO Bank is on target to meet its goals for assets and earnings. NUVO Bank is committed to providing loans and deposit and cash management services to small and medium-sized businesses. We will continue to focus on supporting these businesses, as we believe they make significant contributions to the local economy in the community we serve."
Informational presentations by Bank Management and Northeast Capital & Advisory Inc., will be given at these locations on the following dates: Feb. 19, NUVO Bank, Springfield; Feb. 21, Longmeadow Country Club, Longmeadow; Feb. 26, Hu Ke Lau Restaurant, Chicopee; Feb. 28, Storrowtown/Carriage House, West Springfield; and, March 6, Westwood Restaurant and Pub, Westfield.
The aforementioned are the tentative dates and locations.
To find out more about these presentations, please contact Denise Perkins at 787-2706 or at firstname.lastname@example.org