De novo institutions

With credit discrimination still legal in many states, the Michigan-based institution aims to help this marginalized group.

Cathy Bessant, BofA’s chief operations officer, is the Most Powerful Woman in Banking; 6 standout fintechs at Finovate 2019; the Citi CEO says gender pay gap is ‘a challenge we need to tackle together’; and more from this week’s most-read stories.

Regulators may be willing to grant new charters, but economic uncertainties, capital hurdles and inexperience have led the organizers of numerous bank startups to give up in the last few years.

FWBank would be led by Marianne Markowitz, former acting SBA director. Amy Fahey, a former JPMorgan Chase executive, would serve as chairman.

Skip Brown, an executive with Winston-Salem Banking Group, says it has signed a letter of intent to buy a community bank three months after withdrawing a charter application.

Loyal Trust Bank is the seventh proposed bank in 2019 to secure the agency's approval for deposit insurance.

Organizers of Silver River Community Bank must raise $17 million before opening.

The Unity, Maine-based institution, which should open in the fall, will provide member business loans and other products to local farmers.

Groups seeking to open a new institution will submit preliminary information for review by the National Credit Union Administration.

Melinda McClure and Richard Horn have joined the management team at Old Dominion Bank in northern Virginia after struggling to raise enough capital for their de novo effort.

Millyard Bank is on a course to open by the end of this year.

Piermont Bank, set to open this week, will be the city's second new bank this year.

Ribbon-cuttings for de novos have become more common as regulators have warmed up to the idea of granting new charters. These are the banks that have opened this year, along with more that are on track to do so.

Trustar Bank is set to debut in northern Virginia in July.

Organizers of Community Bank of the Carolinas in Winston-Salem said that they will return capital to investors and pursue other alternatives, including buying an existing bank.

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.