Independent Banker - January 2020 - 53

points to the importance of the initial
business plan. In its case, launching
in December 2013, the acceptance
curve was fairly steep: Bank of
Bird-in-Hand was required to raise
between $16 million and $20 million
to meet capital requirements, Maley
says. It raised $17 million. " In those
formative years, you need capital to
grow, " she adds.
Maley says the FDIC is looking
more carefully at how the capital level
" WE NEEDED TO
SHOW THEM
WHAT WE COULD
DELIVER. WE HAVE
TO BE ABLE TO
EXECUTE ON WHAT
WE SAY WE'RE
GOING TO DO. "
-Wendy Cai-Lee,
Piermont Bank
for these new de novos supports their
business plans. When Bank of Birdin-Hand
was approved, the FDIC had
the de novo period set at seven years.
The FDIC has since ratcheted it back
to three years.
Many successful de novo business
plans are built on finding their own
peg in the industry. Bank of Bird-inHand
is largely focused on a niche
market: nearby Amish and Mennonite
communities. " The people in this area
needed someone who understood
them, " Maley says, adding that a
top executive at the bank had more
than 30 years of experience with this
Wendy Cai-Lee, president and
CEO of Piermont Bank, keeps a
laser focus on small and mediumsized
business customers.
independentbanker.org Q 53

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Independent Banker - January 2020

Table of Contents for the Digital Edition of Independent Banker - January 2020

Table of Contents
Independent Banker - January 2020 - Intro
Independent Banker - January 2020 - Cover1
Independent Banker - January 2020 - Cover2
Independent Banker - January 2020 - Table of Contents
Independent Banker - January 2020 - 2
Independent Banker - January 2020 - 3
Independent Banker - January 2020 - 4
Independent Banker - January 2020 - 5
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