Bank of Burlington Receives Conditional FDIC Approval
Vermont Business Magazine Bank of Burlington announced on Friday that it has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its application to open a new bank focused on commercial banking services to businesses in Vermont. Bank of Burlington has already received an order granting permission to organize from the Vermont State Department of Financial Regulation on March 16, 2022. After final approval, Bank of Burlington will be the first bank charter in the State of Vermont issued since 1989.
“We are pleased to announce that Bank of Burlington has received conditional approval from the FDIC – the final major step in the bank’s incorporation process,” said Geoffrey Hesslink, CEO/President. “Now that we have conditional approval from the FDIC, the team is eager to open the bank and serve the people of Vermont.” Local banking is back in Chittenden County. said Hesslink.
Bank of Burlington seeks to capitalize on a market opportunity created by decades of consolidation in the banking industry, resulting in less local discretion, increased distance between customer and decision makers and a slower pace in corporate banking . Bank of Burlington’s experienced team will bring modern banking services with a superior service touch enhanced by technology.
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“We see a great opportunity to provide banking services in a more personalized and tailored way. We will leverage our technology to move commercial loans from application to closing faster, improve the experience for business owners, and restore predictability to working with a bank. Our clients will have direct contact not only with an experienced banker, but also with a decision maker to meet their needs and help them grow their business,” said Philip Smith, Senior Loan Officer.
Bank of Burlington is committed to serving Vermont businesses. Its Chittenden County headquarters, located at 30 Kimball Ave, Suite 201 in South Burlington, will be home base for the Bank of Burlington team. Each team member brings decades of experience to their role and a special connection to Vermont and local communities.
Bank of Burlington will offer personal and business deposit accounts, strong cash and cash management services, online and mobile banking, and a full suite of commercial loans. Bank of Burlington will serve small and medium businesses in Vermont and provide growth capital to this important sector of the Vermont economy.
Bank of Burlington will seek to satisfy the exceptional conditions of Vermont State/FDIC approval in the coming weeks with the goal of opening its doors to customers in August 2022. For more information on Bank of Burlington, please visit www.bankofburlington.com.
Burlington, VT – Friday, July 15, 2022. Bank of Burlington