De novo institutions

Generations United Federal Credit Union's first president and CEO, John Linzey, expects to attract the very customers that banks might turn away if the economy sours.

Lexicon Bank's cautious approach to its balance sheet helped it weather the pandemic and avoid some of the mistakes that plagued other failed banks.

The National Credit Union Administration would give tentative OKs to organizers of startups so they can secure enough capital for a final approval, Vice Chairman Kyle Hauptman says. Some industry observers describe the plan as a step in the right direction, while others complain more has to be done to foster new credit unions.

The nonprofit First Step Alliance is working to launch Diverge Federal Credit Union, which plans to offer loans to cover the costs of gender affirmation surgery for individuals and adoption for same-sex couples.

Mutual institutions, long pillars of underserved communities, now face insurmountable barriers to entry.

The ranks of depositor-owned banks have been dwindling for decades, but meat distributor Charlie Cumming has a plan for starting one that will serve organic farmers. Can it work?

Cypress Bank & Trust is poised to open in Palm Beach, and longtime banker Stephen Gordon just launched Genesis Bank in Newport Beach. Meanwhile, two more groups have filed for de novos in August, bringing the list of pending applications nationally to 16.

First Women's Bank received approval from the Federal Deposit Insurance Corp. this week and is set to open its doors in the fall. It is the first new bank to be chartered in Illinois since 2010.

Cypress Trust in Palm Beach is poised to pull off a rarity: the conversion of a wealth management firm into a community bank. It’s simply another way to take advantage of the ongoing melding of the two financial services sectors, CEO Dana Kilborne says.

Michael Butler relied on partnerships with tech startups in areas such as checking and mobile banking to turn Radius into a digital-only bank before its sale to LendingClub. As the new CEO of Grasshopper Bank, he plans to strike similar deals to expand beyond business lending.