Vermont Business Magazine Bank of Burlington announced Friday, they have received conditional approval from the Federal Deposit Insurance Corporation (FDIC) for its application to open a new bank focused on commercial banking to businesses in Vermont. Bank of Burlington previously received an Order Granting Permission to Organize from the State of Vermont Department of Financial Regulation on March 16, 2022. Upon final approval, Bank of Burlington will be the first State of Vermont Banking Charter issued since 1989.
“We are delighted to announce Bank of Burlington received conditional approval from the FDIC – the final major milestone of the bank formation process” said Geoffrey Hesslink, CEO/Chairman. ‘Now that we have conditional FDIC approval, the team is looking forward to opening the bank and serving Vermonters. Local banking is back in Chittenden County.” said Hesslink.
Bank of Burlington seeks to take advantage of a market opportunity created by decades of consolidation in the banking industry, leading to less local discretion, increased distance between the client and decision makers, and a slower pace in business banking. Bank of Burlington’s experienced team will bring modern banking with a superior service touch enhanced by technology.
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“We see great opportunity to provide banking in a more personalized and tailored way. We will leverage our technology to turn around commercial loans from application to closing faster, improve the business owner experience and bring predictability back to working with a bank. Our customers will have direct contact to not just an experienced banker but also a decision maker to serve their needs and help grow their businesses,” said Philip Smith, Senior Loan Officer.
Bank of Burlington is committed to serving businesses in Vermont. Its Chittenden County headquarters, located at 30 Kimball Ave, Suite 201 in South Burlington, will be homebase for Bank of Burlington’s Team. Each team member brings decades of experience to their role and a special connection to Vermont and the local communities.
Bank of Burlington will offer consumer and business deposit accounts, robust cash management and treasury services, online & mobile banking, and a full suite of commercial loans. Bank of Burlington will serve the small to mid-size businesses in Vermont and will provide growth capital to this important sector of the Vermont economy.
Bank of Burlington will look to satisfy outstanding conditions of the State of Vermont / FDIC approval in the coming weeks with the goal of opening its doors to customers in August, 2022. For more information about Bank of Burlington, please visit www.bankofburlington.com.
Burlington, VT –Friday, July 15, 2022. Bank of Burlington