New community banks readying for launch in the US
US gets more community banks
Start-ups VisionBank and Trustar Bank are looking to shake up the community banking scene in the Greater Washington area of the US.
“After a decade of community bank consolidation without a single new bank charter we see a generational opportunity to bring true community banking – and unparalleled customer service back to the Greater Washington region, arguably the best banking market in the nation,” VisionBank states on its website.
The bank is based in the US state of Virginia.
It is currently in organisation and already has a leadership team. The chairperson and CEO is Melinda (Mindi) McClure, who was a founding director and chair of the strategic planning committee of Bank of Georgetown from its opening in 2005 until its sale to United Bank in 2016. At that point, Bank of Georgetown had $1.3 billion in assets and $1 billion in deposits.
COO is Richard Horn. He was a founding director and general counsel of WashingtonFirst Bank, which opened its doors in 2004. The bank grew to $2 billion in assets, 19 branch locations and more than 250 employees. In late 2018, it was sold to Sandy Spring Bank for $447 million.
Meanwhile, another ex-WashingtonFirst Bank senior exec, Shaza Andersen, who was CEO, is too setting up a new bank in Virginia – Trustar Bank. Trustar is currently in pursuit of the regulatory approval, like VisionBank.
A step ahead is Moxy Bank in the neighbouring Washington DC, which has just received an approval from the Federal Deposit Insurance Corp (FDIC) for its banking application. Moxy will also serve the Greater Washington area. It was founded last year and is the first female African American chaired financial institution in DC.
“Our focus is to create financial equality throughout the communities served, by combining the latest technological advancements with community banking values,” the bank states.
Moxy Bank will be a minority depository institution, offering full service community banking, including loan and deposit products, treasury management services for the professional, small business and consumer communities.
Keith Walters is co-founder and CTO. He formerly led various IT projects at North Carolina’s Carolina Premier Bank and its subsidiary Premara Bank (both are now part of Select Bank & Trust).
Check out our US challenger banks list here.
