Question 1

What is Primary Bank?

Accepted Answer

Primary Bank is a community-focused commercial bank and trust company headquartered in Bedford, New Hampshire. Founded by local business owners and investors, the bank specializes in serving small to medium-sized businesses throughout southern New Hampshire. With approximately $734 million in total assets and four full-service branches, Primary Bank positions itself as "New Hampshire's Bank for Business," emphasizing personalized service and local decision-making.

The bank's mission centers on filling the void left by large regional and national banks, offering businesses a locally owned alternative where 95% of deposits are reinvested directly into New Hampshire's economy.

Question 2

When was Primary Bank founded?

Accepted Answer

Primary Bank was founded in July 2015, officially opening its doors on July 28, 2015. The bank was established by Bill Greiner, a Bedford-based restaurateur, along with Andy Cruz of AutoFair Automotive Group and other founding partners.

The founding team raised $30.4 million in capital from over 421 shareholders during their first capital raise in 2015—the largest amount ever raised for a New Hampshire-based community bank. Primary Bank received conditional approval for a state bank charter from the New Hampshire Banking Department in February 2015 and FDIC insurance approval in March 2015.

The bank was the first to open in New Hampshire since the 2008 financial crisis and only the second commercial bank to open nationwide since 2010, making it a significant milestone during a period of widespread banking consolidation.

Question 3

Where is Primary Bank headquartered?

Accepted Answer

Primary Bank is headquartered in Bedford, New Hampshire, located at 207 Route 101. Bedford is situated approximately five miles southwest of Manchester, the state's largest city, in Hillsborough County.

Question 4

Where does Primary Bank operate?

Accepted Answer

Primary Bank operates exclusively within southern New Hampshire, serving the Manchester-Nashua metropolitan area. The bank maintains four full-service branches in strategic locations:
• Bedford (headquarters): 207 Route 101
• Manchester: 1662 Elm Street  
• Derry: 23 Crystal Avenue
• Nashua: 327 Amherst Street

The bank's primary market covers Bedford and surrounding communities including Amherst, Goffstown, Litchfield, Londonderry, Manchester, Merrimack, and New Boston, with the majority of deposits and loans originating within a 10-mile radius of Bedford.

Question 5

What services does Primary Bank offer?

Accepted Answer

Primary Bank offers a comprehensive suite of commercial and retail banking services tailored for small to medium-sized businesses. Core services include:

Commercial Banking: Business checking accounts with competitive fee structures, commercial lending, Small Business Administration (SBA) lending programs, and cash management solutions.

Digital Banking: Online and mobile banking platforms enabling account management, mobile check deposits, electronic fund transfers, and bill pay services. The bank emphasizes accessibility with real-time customer support.

Lending Services: Commercial real estate loans, business lines of credit, equipment financing, and working capital loans designed specifically for business growth and expansion.

Trust Services: As a state-chartered trust company, Primary Bank offers fiduciary services for businesses and individuals.

The bank prides itself on its "start with YES" philosophy, working collaboratively with business owners to find creative financing solutions rather than relying on automated underwriting systems.

Question 6

What makes Primary Bank unique?

Accepted Answer

Primary Bank distinguishes itself through several key characteristics that set it apart in New Hampshire's banking landscape:

Local Ownership and Decision-Making: Unlike regional branches of national banks, all lending decisions are made locally by bankers who live and work in the communities they serve. Board members maintain direct involvement in the community and are accessible to customers.

Community Reinvestment: The bank keeps 95% of its deposits invested directly in New Hampshire's economy, supporting local business growth and job creation. Over the past decade, Primary Bank has reinvested more than $1 billion into the state's economy.

Relationship Banking: Primary Bank emphasizes personal relationships and exceptional customer service, offering direct access to decision-makers including the CEO. Customers can speak with bank leadership directly, a rarity in modern banking.

Recognition: The bank has been voted "Best Bank in the 603" (New Hampshire's area code) and received recognition as a "Top Lending SBA Partner" by the Granite State Development Corporation for supporting small businesses through SBA lending programs.

Post-Crisis Success Story: As one of only a handful of de novo banks established after the 2008 financial crisis and subsequent Dodd-Frank regulations, Primary Bank represents a successful model for community banking during an era of consolidation.

Question 7

What type of financial institution is Primary Bank?

Accepted Answer

Primary Bank is a State Nonmember Commercial Bank and Trust Company. It operates under a state charter granted by the New Hampshire Banking Department and is insured by the Federal Deposit Insurance Corporation (FDIC) but is not a member of the Federal Reserve System.

As a commercial bank, Primary Bank focuses primarily on business banking services, including commercial lending, cash management, and business deposit accounts. Its trust company designation enables it to provide fiduciary services.

The bank maintains strong capital ratios, with a Tier 1 capital-to-assets leverage ratio exceeding regulatory requirements. Its community bank structure allows for flexible, relationship-based lending decisions while maintaining the safety and soundness expected of FDIC-insured institutions.

Question 8

Who leads Primary Bank?

Accepted Answer

Primary Bank is currently led by Crystal A. Dionne, who serves as President and Chief Executive Officer. Dionne joined the bank during its startup phase when it was still a holding company, later becoming CFO before ascending to the CEO role in September 2023.

She succeeded founding president and CEO William E. Stone, who led the bank from its opening in 2015 through September 2023. Stone brought extensive banking experience, having served as president of Bank of New England for 12 years prior to joining Primary Bank.

The bank's founder, Bill Greiner, remains actively involved as a board member, maintaining the bank's commitment to its original mission of supporting New Hampshire's small business community.

Question 9

What is Primary Bank's financial performance?

Accepted Answer

As of November 2024, Primary Bank demonstrates strong financial performance with approximately $734 million in total assets and $619 million in total deposits. The bank reported net income of $8.9 million, reflecting healthy profitability.

The bank's return on assets (ROA) stands at 1.65%, significantly above the industry average, indicating efficient use of assets to generate earnings. Its return on equity (ROE) of 11.3% demonstrates strong returns for shareholders.

From its opening in 2015 with initial capital of $30.4 million, Primary Bank has grown steadily through organic growth focused on serving southern New Hampshire's business community. The bank's conservative growth strategy and focus on relationship banking have contributed to its financial stability and success over its first decade of operation.

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