De novo institutions

There’s a long list of reasons traditional lenders haven't kept up with the needs of entrepreneurs, says Judith Erwin, the head of Grasshopper Bank in New York. One is not asking for enough feedback.

Founders Bank is the latest de novo effort that will target the nation's capital.

The group behind Bank of St. George is looking to bring in up to $22 million in initial capital.

Many community banks have given up on national mortgage platforms as not worth the effort, but organizers of NXG Bank in Maryland say they have a plan to make one work.

Lori Bettinger is one of the organizers of NXG Bank, which has applied to open in Columbia, Md.

It's admirable that the National Credit Union Administration wants to make opening a de novo easier but organizers will still face challenges in raising the necessary funds to launch a new credit union.

During its monthly meeting, the National Credit Union Administration board also approved a proposal to increase CU access to non-member deposits, a move bankers are already railing against.

American Bank & Trust opened after organizers raised more than $22.5 million.

Otoe-Missouria Federal Credit Union in Red Rock, Okla., was designated as a low-income institution.

The coastal city quickly rebounded after being hit by Hurricane Harvey in August 2017.