New Valley Bank & Trust has state and federal OK, plans 2 office locations
New Valley Bank & Trust Co., the first new bank to open in Springfield in 11 years, has preliminary OKs from state and federal regulators and plans to open offices in early 2019. Before opening, New Valley Bank & Trust must raise $25 million to $30 million in capital, money it will use to make loans as it begins business, said Jeff Sullivan, New Valley’s proposed president and CEO. New Valley has contacted about 500 potential investors.