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| Wolfeboro Portsmouth |
The Story
In June 2007 on the day that Community Bank & Trust Company (CB&T) announced they were being acquired by a regional bank, the wheels were set in motion by founder Brian Underwood to start a new bank. The local decision making and complexity of a regional bank and its processes provided a unique opportunity in Wolfeboro to start a new local bank that was owned and operated by its own people.
Over the course of the next few weeks and months, Brian met with key investors and community leaders to determine their desire for a new local bank. The first priority was to determine a location for the new bank. A location that was centrally located, yet with several options for local access and not affected by the summer traffic flows through town. By the end of June 2007, a parcel of land located on the corner of Center & Pine Streets was put under agreement. The site is conveniently located next to Clarke Plaza and across the street from the Wolfeboro Shopping Center and provides an excellent location for the community’s bank.
Through the course of the summer, preliminary plans were developed and in early August, the start-up entity was formed. As the legal documents were finalized at the end of August 2007, Underwood began to visit potential investors who would become the initial investors and some of whom would also serve on the bank’s board upon its creation.
The response to the plan was overwhelming. In just 30 days, over $2.6 million was raised to fund the start-up entity. September and October were spent developing the vision and plans for the bank building along with the necessary applications to the state and federal banking agencies.
Upon completion of the sale of CB&T, Peter Alden, President and CEO resigned to join GreatWaters. Going forward, Underwood and Alden will continue to create GreatWaters, Wolfeboro’s Bank & Trust. A public stock offering is planned for early 2008 and construction of the new bank is projected to start later in 2008. Any offering of bank shares will be made pursuant to a written circular offering.
