DERRY — Primary Bank will be opening its third location early next year at 23 Crystal Ave. in Derry as a tenant in a 2,000-square-foot part of the building being developed by Dick Anagnost.
The Southern New Hampshire bank’s first location is in Bedford, and a second branch opened in Manchester in January of this year.
“We’ve had tremendous growth in our first four years and in this year as well,” Primary Bank President William Stone told the Union Leader Wednesday.
Stone said the company overall has enjoyed 38% asset growth in the past fiscal year ($57 million) and about 25% growth in the first six months of this year. He said the bank has a diversified portfolio of businesses in all kinds of industry sectors, and said he doesn’t see the success of any particular sector driving that growth.
The company started with 15 employees and presently has about 30, and Stone expects to hire about six more when the Derry location opens in the first quarter of next year.
Right now, the Bedford branch has $217 million in deposits, which is approaching 20% of all of Bedford’s banks’ deposits, Stone said. And the recently-opened Manchester branch has $10 million in deposits so far.
Stone said the bank’s lending operations focus on small and mid-sized businesses in Southern New Hampshire, and it offers a full suite of consumer depositing services as well.
The Derry address was selected after a review of the bank options available and the projected growth in the region.
Stone said there are no other locally-owned banks in town, and that the expansion of Interstate 93 and the new Exit 4A are expected to drive economic development in that area.
“We see expected growth in that marketplace,” Stone said.
Moving forward, Stone expects the company will look at some geographic expansion within Southern New Hampshire. No new locations are identified yet, but the bank will likely be considering its options in about 12 to 18 months, he said.
“Primary is New Hampshire’s newest and finest community bank, and we are pleased to bring them to Derry,” Anagnost told the Union Leader.
Anagnost said he has had a good working relationship with the bank since it opened four years ago.
The $11 million development on Crystal Avenue, Anagnost’s first development in Derry, is nearly complete.
Anagnost said he expects to obtain his occupancy permit from the town by the end of this week.
A redeveloped existing building will be home to Anagnost’s own hair product company, Evolve Salon Systems, starting Oct. 1, and Derry Sports & Rehab will move in by November. He said Evolve will have about 2.5 times the space it currently has in Manchester.
Renew MediSpa is expected to move into a new adjacent building in October, Anagnost said.
Anagnost bought the property for $1.2 million in January 2018. He said the redeveloped building cost $6 million to renovate, and the new building cost $5 million.