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
More Norwood Business History
-
The Closing of Stop & Shop in Norwood, Massachusetts – July 18, 1983
On a sweltering summer day in July 1983, the residents of Willow-Wood Terrace apartments in Norwood, Massachusetts, received devastating news: their beloved Stop & Shop supermarket was closing its doors on July 30. The announcement sent shockwaves throughout the community, particularly among the elderly tenants who relied heavily on the convenient location and services offered…
-
Shaw’s Made to End ‘Round-Clock Hours-July 13, 1983
The quaint town of Norwood, nestled in the heart of Massachusetts, was abuzz with controversy on a sweltering summer evening in July 1983. The local selectmen had gathered at their meeting hall to deliberate on a pressing matter that would have far-reaching implications for the community’s residents and businesses alike. At the center of this…
-
Kline’s Department Store Marks Ten Years in Downtown Norwood-July 11, 1983
Kline’s Department Store Celebrates a Decade in Norwood On July 11, 1983, Kline’s Department Store marked a significant milestone, celebrating ten successful years of operation in downtown Norwood. ⠀ When the 25-store retail chain first moved into the building formerly occupied by the Park Snow store, local observers were initially skeptical. At the time, the…
-
In Memoriam: Louis Orent, 94, Founder of Orent Brothers Clothing Store-May 15, 1983
Louis Orent, a pioneering figure in New England retail and a beloved member of the Norwood community, passed away Friday in Hollywood, Florida, at the age of 94. Known widely as the “dean of New England retail clothing merchants,” Mr. Orent leaves behind a legacy defined by entrepreneurship, civic leadership, and decades of service to…
-
Neighbors Demand McDonald’s Shutdown Following Brutal Assault-September 4, 1981
The vicious late-night beating of a local resident by three youths has ignited fierce outrage among homeowners in a residential development off Union Street, prompting an organized neighborhood campaign to demand that selectmen revoke the operating license of the neighboring McDonald’s restaurant located at the corner of Route 1 and Union Street. Arthur Sansone of…
-
Sidewalk Sale in Norwood-July 24, 1981
Dozens of Downtown Norwood Businesses took part on a sidewalk sale.
-
Conservation Commission Approves Proposed Auto Body Shop Near Hawes Brook-August 22, 1979
Despite angry protests from South Norwood residents over flooding and pollution risks near Hawes Brook, the Conservation Commission approved strict environmental conditions for a new auto body shop.
-
Proposed Papa Gino’s to be Dry-August 21, 1979
Facing a neighborhood petition and skeptical selectmen led by Joseph F. Curran and Mary J. Fox, Papa Gino’s application for a beer and wine license on Nahatan Street appears unlikely to pass.
-
Gertrude’s Pastry Shop Owner Bernie Osborne Wins State Award for Maine Maple Pastry and Cherishes Small-Town Family Business-August 19, 1979
Bernie Osborne, owner of Gertrude’s Pastry Shop in Norwood Center, won top honors at the Massachusetts Retail Bakers Association contest with his signature Maine Maple pastry judged by Julia Child.
-
Conservation Commission Faces Angry Residents Over Proposed Washington Street Auto Body Shop-August 8, 1979
Amid fierce opposition from South Norwood homeowners concerned over Hawes Brook flooding and pollution hazards, the Norwood Conservation Commission reviewed safety plans for a proposed auto body shop on Washington Street.
Discover more from Norwood Historical Society
Subscribe to get the latest posts sent to your email.