De novo banking could find a spark in an unusual place: Amish country.

A group of organizers has raised $20 million and is seeking regulatory approval to create Bank of Bird-in-Hand, named for the town near Lancaster, Pa., where it will be based. If approved, the bank, which would also target Mennonite farmers and small businesses, would become the first de novo bank to open in the United States in more than two years.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.