By Harrison Sheppard
Starting a new community bank is easy.
Just come up with, oh, say $1 million or so from some of your closest friends to cover start-up costs. Then identify some experienced bankers who can survive a rigorous FBI background check and pry them away from cushy jobs for a risky new venture. Wade through a mountain of government red tape, scout out a brick-and-mortar location, and find a webmaster to set up a virtual branch.
And, of course, you’ll need to round up another $10 million to $20 million from investors in start-up capital.
Simple, huh?
Well, actually, yes.
Founders of several new banks in the Sacramento region say the effort requires plenty of hard work, but isn’t overwhelming if you have good consultants and a solid business plan.
Robert Ryan, chairman of a group working to establish a new community bank in Yuba City, says the process so far has been challenging, but also fairly straightforward, without any unexpected, nasty surprises.
Continued...
Advertise on this site! Show your support for the Prosper Network and reach influential thought leaders and web users like yourself. Contact us to find out how.
© 2004-2007 Prosper Media, LLC. All Rights Reserved. Terms of Use | Privacy Policy
The materials on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Prosper Media, LLC.
Not a member yet? Join now. It's FREE and only takes a minute.
Community Comments
October 31, 2009