NASHUA, N.H. — After the success of its first Nashua location, which opened in 2019, Millyard Bank is ready to open its second location in Hollis pending regulatory approval, and offer its first community stock offering.
Millyard Bank is offering 460,000 shares of common stock, priced at $12.50 per share.
“This is a very exciting time for Millyard Bank,” Millyard President G. Frank Teas said. “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.”
Millyard Bank first opened on Dec. 23, 2019, and was one of only five banks to open in the country that year. Despite opening its doors just a few months prior to the onset of the COVID-19 pandemic, the bank quickly became an integral partner to local businesses. When funds became available through the Small Business Administration’s Paycheck Protection Program on April 3, 2020, Millyard Bank processed 100 loans totaling $18.9 million within two weeks.
This effort was instrumental in helping local businesses maintain operations and preserve more than 1,600 jobs. Overall, Millyard extended 311 PPP loans totaling $32.2 million to 311 area businesses, helping to preserve 3,095 jobs.
With its new location in Hollis, Millyard will fill a need for area businesses that count on the services of a local community bank.
“Access to a local bank is critical to our business,” said Joan Marcum of Brookdale Fruit Farm, a seventh-generation family farm that currently employs 80, including 40 seasonal workers — 33 of whom are from Jamaica. “We have met with Frank (Teas) and we are excited to know that we will soon have a true community bank within walking distance of the farm. Aside from the benefits to our business, our seasonal employees, in particular, appreciate and value in-person banking, and Millyard will make this possible.”
“Millyard Bank will be a tremendous asset to the Hollis community,” said Tom Morin, president of Morin’s Landscaping. “They have an exceptional team, and they offer the same amenities as much larger banks with a focus on personalized service — they really get to know their customers.”
Teas anticipates the new branch will open in early 2022 and work on the new location is expected to get underway soon.
“It has certainly been an eventful 22 months since we started,” Teas said. “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.”
Participation in the community 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.
The common stock is not being offered in the community offering to persons who are not current shareholders of the Millyard Bank and who are located in Florida, Oregon, or any other state where there is not an available exemption from registration under such state’s securities laws. To request a copy of Millyard Bank’s community stock offering materials, email Frank Teas at FTeas@millyardbank.com.
For information about Millyard Bank, including hours of operation, visit www.millyardbank.com.