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| Wolfeboro Portsmouth |
FAQ
What kind of bank will you be?
GreatWaters Bank & Trust Company will be a state chartered, FDIC Insured, commercial bank offering a full line of banking products for both businesses and individuals.
What is the process for opening a new bank?
We have filed an application with the New Hampshire Banking Commission for our state bank charter and with the FDIC for deposit insurance. We will file an application with the Federal Reserve Bank of Boston, which will serve as our regulator. We anticipate receiving decisions on our applications sometime in late winter / early spring 2008.
There will most likely be four banks in town before you open, do we really need a fifth bank?
Yes. GreatWaters Bank will be the only locally owned and operated bank in Wolfeboro. Our organizing investors, management team, and banking partners (employees) all live in and around Wolfeboro and will all have an ownership interest in the bank. In addition, we believe that our location at the corner of Center and Pine Streets will be the most accessible and convenient location in Wolfeboro. There will be plenty of parking and drive thru service.
When do you plan to open in Wolfeboro?
Currently, we have temporary office space located at the rear of 29 South Main Street (at the town docks). Upon receiving regulatory approval, the main bank building, located at the corner of Center & Pine Streets, should be completed and open in early 2009.
When will I be able to open an account and what should I do now?
We are encouraging folks who would like to bank at GreatWaters to not make any changes in their banking relationship until our building is open at the end of 2008. We are working as quickly as possible to open the Wolfeboro bank location. We plan to provide you with a seamless bank account conversion process for all of your banking needs including electronic bill payments, electronic deposits, CDs, loans, checking and savings accounts, etc.
Will you be offering bank stock to the public?
Yes. Upon conditional approval from the state and federal authorities, we plan to have a stock offering in the April / May 2008 timeframe.
What will be the minimum amount of stock I can purchase?
While we have not finalized the offering circular, we currently plan to require a minimum purchase of $1,000 with a maximum of $750,000.
How do I receive additional information regarding the stock offering?
Please click here to register your name and email address.
This will enable us to efficiently and effectively keep you informed of our progress and also distribute additional materials electronically as they become available.
Will you be hiring people for the new bank?
Yes. If you are interested in employment information, please click here to register your name and email address to receive additional information.
What is the design of the building?
We have retained TMS Architects of Portsmouth, New Hampshire to design the building. Currently, building plans are in the conceptual stage. Once they have been finalized, we will post them on the website.
Who is the general contractor for the Wolfeboro project?
Jon Lovering & Sons Builders of Wolfeboro.
Will there be more than one bank location?
Yes. Subject to regulatory approval, we have acquired a downtown location in Portsmouth at 40 Congress Street (opposite corner to the North Church at Market Square). We plan to operate a loan production office from this location initially and then open a full service bank in the near future.
This is not an offering of Greatwaters Bank stock, which, subject to regulatory approval, will only be made through an offering circular.
