Start Your Own Bank (Really)
From August 2005
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They had worked together founding Yolo Community Bank in 1998 and running it, with Meyer as chief credit officer and DiMichele as CEO, until both left when it was bought up by a larger bank earlier this year.
Meyer, who grew up in Lodi, saw an opportunity there because of a merger of Bank of Lodi, while DiMichele saw the West Sacramento market as a growing one in need of a new community bank.
So they decided to pursue both opportunities.
“We’ve already done this once. It makes it easier when you learn and you go through all these trials and tribulations the first time you go through it,” says DiMichele. “We have a good attorney and a good group helping our application.”
Openers and Thrivers
Despite a wave of consolidation in the banking business and the challenges of opening a new bank, a handful of new community banks have opened — and thrived — around Sacramento in recent years. Statewide, almost 40 new banks have been established since early 2003, according to the Federal Deposit Insurance Corp.
Among the latest here is Calnet Business Bank, which opened on Exposition Boulevard in 2001. Its founders decided to go beyond the traditional community bank model and secure a niche providing high-tech services to the midlevel commercial market.
Peter Raffetto, an experienced banker who once ran River City Bank, and a longtime business associate, Richard Miller, founded Calnet after seeing a number of smaller banks swallowed up by larger ones.
Continued...
Meyer, who grew up in Lodi, saw an opportunity there because of a merger of Bank of Lodi, while DiMichele saw the West Sacramento market as a growing one in need of a new community bank.
So they decided to pursue both opportunities.
“We’ve already done this once. It makes it easier when you learn and you go through all these trials and tribulations the first time you go through it,” says DiMichele. “We have a good attorney and a good group helping our application.”
Openers and Thrivers
Despite a wave of consolidation in the banking business and the challenges of opening a new bank, a handful of new community banks have opened — and thrived — around Sacramento in recent years. Statewide, almost 40 new banks have been established since early 2003, according to the Federal Deposit Insurance Corp.
Among the latest here is Calnet Business Bank, which opened on Exposition Boulevard in 2001. Its founders decided to go beyond the traditional community bank model and secure a niche providing high-tech services to the midlevel commercial market.
Peter Raffetto, an experienced banker who once ran River City Bank, and a longtime business associate, Richard Miller, founded Calnet after seeing a number of smaller banks swallowed up by larger ones.
Continued...
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