1. Investors unveil New Valley Bank & Trust Co., 1st new Massachusetts bank since 2009 and...

    masslive.com Financial Services
    Investors unveil New Valley Bank & Trust Co., 1st new Massachusetts bank since 2009 and...

    Sixty Springfield-area investors, led by Frank Fitzgerald, who founded Bank of Western Massachusetts here in 1986, are in the process of organizing a new bank -- with a name sure to be familiar to many -- to be headquartered in Springfield. "It's remarkable the support we've gotten so far," Fitzgerald said in an interview with The Republican / MassLive.com, referring to the group's as-yet-unnamed investors. "This is a broad-based group. We don't want one big owner. We want lots of investors and no one owning a big percentage of this thing." Fitzgerald; Jeff Sullivan, a veteran of ...

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    1. It's remarkable the support we've gotten so far.
    2. I think now is the appropriate time to be a Springfield-based, small-business lender.
    3. We thought our business would go down as more people entered the workforce.
    4. Be nimble. Be in tune with what local business owners and entrepreneurs want and be responsive.
    5. What we have seen over the years in the banking industry is that when there is a wave of consolidation, there is usually a small eddy, a backflow of small community banks created.
    6. Market forces conspire to favor larger banks.

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