Story 1: Proposal for Mid-County Banking Trust
On July 11, 1986, local investors announced a formal bid to establish a new financial institution, the Mid-County Banking Trust, which would serve as the town’s only independent commercial bank. A group of 20 businessmen has already secured a building at 157 Central St., near Town Hall, to house the operation. John J. Nyhan, the proposed president of the institution—who brings executive experience from his previous roles at Middlesex Bank in Chestnut Hill and Guaranteed First Bank in Waltham—stated that the bank could potentially open its doors as early as Labor Day, provided state approvals are granted promptly.
The bank is being launched with an initial capital of $3 million and, under federal regulations, would be authorized to handle up to $30 million in transactions. The investment structure is highly focused; rather than utilizing a public stockbroker, which organizers estimate would add an unnecessary 10 percent in costs, the group is managing the sale of 300,000 shares privately at $10 per share. Nyhan emphasizes that this approach is intended to attract investors who plan to be actively involved in the bank’s affairs. The principal stockholders include Nyhan (60,000 shares), William J. Ferguson (50,000 shares), and Thomas F. Concannon (50,000 shares).
The bank intends to carve out a niche by specializing in loans for small businesses, housing construction, and regional development projects. Furthermore, Nyhan highlighted a unique service called “reverse amortization” aimed at the elderly, which allows seniors to remain in their homes by delaying mortgage payments—with the interest and principal settled by the estate after death—thereby preventing elderly residents from being forced into nursing homes due to financial strain. Nyhan anticipates an initial staff of 15 employees, with projections to expand to 30–35 staff members within four years. Following a public hearing held on June 12, the state banking commission is currently reviewing the application, with a final decision expected shortly.
Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger
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