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Startup banks outline the costs, time and regulatory scrutiny of opening new banks
Summary
Two recently formed banks described multi-year startup timelines, large capital needs and frequent regulatory exams, and said mission-driven aims and community partnerships help secure support.
Columbus — Executives from two de novo banks told a Columbus Metropolitan Club audience that launching a bank requires years of preparation, millions in capital and steady regulatory oversight.
“What does it take to start a bank? It takes probably three years. A 500-page application to the regulators. $20,000,000 to $25,000,000 here in Central Ohio. And a community that believes in what we're trying to do,” said Eleria Rawlings, chief executive officer of Fortuna Bank.
Jordan Miller, chairman and CEO of Adelphi Bank, described the workload and scrutiny that follow opening: “We had a CRA exam. We weren't even open for eight months. The first time they…
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