New Valley Bank Grows by Staying True to Its Philosophy
When BusinessWest spoke to Jeff Sullivan in late 2019, about six months after New Valley Bank & Trust opened in downtown Springfield — the first Springfield-based bank to open in more than a decade — he talked about focusing on smaller commercial loans than larger banks prefer to take on, and quick turnaround times as well. The driving philosophy, amid a landscape of ever-larger mergers and acquisitions in banking, was to serve small to medium-sized businesses in a high-touch way they don’t necessarily experience at large institutions. That philosophy is still true today — and it works, to judge by the growth of New Valley in its first three years, with 35 employees, just under $300 million in assets, and a third branch set to open in West Springfield in September (more on that later).