Approved ~ Primus Pilus
Hula founder Russ Scully, landlord Bill Bissonette, the three sons of IDX Systems cofounder Richard Tarrant Sr. and a constellation of other Chittenden County business luminaries have teamed up to open the first new Vermont-based bank since 1989.
Eight proposed directors and 11 organizers have applied to the Federal Deposit Insurance Corporation, or FDIC, to open the Bank of Burlington, a business-only lender.
The group intends to raise $20 million to $30 million before it gets started, said Mike Pieciak, the commissioner of the Department of Financial Regulation.
A local lender is likely to be more flexible in approving business loans, Pieciak said. The proposal comes as financial institutions in Vermont are being sold and merging.
Obey
Article URL : https://www.sevendaysvt.com/OffMessage/archives/2022/03/15/vermont-business-leaders-plan-to-establish-a-bank