PORTSMOUTH – Optima Bank & Trust, the only locally-owned commercial bank headquartered in the New Hampshire Seacoast has opened its newest location in downtown Portsmouth.
Optima Chairman and CEO Daniel Morrison cut the ceremonial ribbon marking the official opening of the 143 Daniel St. branch.
The new branch is located on the street level across from Memorial Bridge. Steve Wilson of Hampshire Development Corporation developed the building and local firm, CJ Architects oversaw the design.
“We’re excited to be adding additional space in downtown Portsmouth, our current location was at capacity and this location was really the perfect solution,” Morrison said.
Morrison said the bank’s strong growth over the past nine years has fueled its need for more space. Since Optima Bank was founded in downtown Portsmouth in 2008, the bank has grown from eight employees to 70, and now has seven locations, all in New Hampshire.
Morrison also reported strong results for the third quarter of 2016. He said the bank’s total assets grew by 16 percent to $398 million from $344 million a year earlier. In quarter three, total loans grew by 15 percent from $285 million to $328 million, and total deposits grew by 18 percent from $303 million to $358 million. Net interest income, the bank’s primary revenue source, was $6 million through the third quarter of 2016, up 14 percent from 2015.
According to FDIC data, Optima Bank has been New Hampshire’s fastest-growing bank since it opened in 2008.
The Daniel Street location will serve customers as a full-service branch, while the bank expands its corporate headquarters at Two Harbour Place to accommodate a growing staff.
“The expansion will further enhance the bank’s ability to serve consumers and businesses in the Portsmouth area, and to further build the bank’s staff in support areas like loan administration, credit, operations and information technology,” Morrison said.