In the first quarter 2024, we lost 16 banks to mergers or acquisitions and welcomed just one de novo. In all of 2023, 121 banks were lost with just six new banks opening to replace them. The process of opening…
What do Ford, GM and Rakuten have in Common?
Last month, Ford Credit Bank, Salt Lake City, UT submitted an application for deposit insurance to the FDIC with the intention of opening a new Industrial Loan Company (ILC) in Utah. This is not the first time Ford has sought…
De Novos: Banking With a Purpose
This year is poised to be the most active for de novo banks that we’ve seen since before he Great Recession. Five new banks have already opened their doors and two others are scheduled to open in June. While we…
New Bank Charters May Lead to Confusion
If starting a new bank during a pandemic seems like a daunting task, it’s because it is. Just ask the organizers of would-be Coastal Community Bank, N.A. (in organization), Hollywood, FL. The bank was on course to open with an…
Industrial Banks Stage a Comeback
Industrial Banks or Industrial Loan Companies (ILCs) are state-chartered, FDIC-insured depository institutions subject to the same regulations as other bank charter types. Only a handful of states allow the charter. Utah in particular, has always been very open to the…