SPRINGFIELD — New Valley Bank & Trust Co. will open its new, street-level office at One Monarch Place next door to Starbucks Monday, moving out of a ninth-floor offices.”We are looking to serve a lot of the small business and corporate offices in Springfield,” said Kate Gallo Megraw, senior vice president, chief operating officer and chief information officer at New Valley.The move comes at the request of customers and of New Valley’s 250 local shareholders.The space was most recently a People’s United Bank branch that People’s United closed following its 2019 merger with United Bank.United Bank took over for Bank of America which closed the location in 2016.New Valley opened in May 2019 as the first startup bank in Springfield in 11 years. It’s also the only bank headquartered in Springfield although there are credit unions headquartered here.Megraw said the branch office will have four employees and the upstairs back office will have eight or nine employees. The entire bank has 20 employees including its other retail branch at 1930 Wilbraham Road in the Springfield’s Sixteen Acres neighborhood.Megraw said there are no plans right now for another office. But New Valley is looking at opportunities. Any expansion would likely be outside of Springfield.The name New Valley Bank & Trust Co. refers to a former bank in the market called Valley Bank and Trust Co which had its headquarters across the street in what’s now Tower Square.The original Valley Bank and Trust Co. was the product of a 1957 merger between Springfield National Bank and Union Trust Co. It became BayBank Valley Trust Co. in 1979 and BayBank in 1991.