Bank of Burlington raises startup capital in record time
SOUTH BURLINGTON, Vt. (WCAX) - A local, investor-owned, commercial operation is now one step closer to becoming the first new financial institution chartered in Vermont in decades.
The Bank of Burlington tells WCAX News that in record speed, the organization has raised $33 million in startup capital, cashing in millions more than they needed to move forward with the project. And leaders raised the money in less than a month.
Arthur Loomis, the president and CEO of Loomis & Co., an investment bank, remarked, “Since 1992, only one or two other de novo banks headquartered in the Northeast have been able to raise upwards of $30 million in start-up capital. None has done it as quickly as Bank of Burlington (in organization).”
The Bank of Burlington says more than 96% of the investors are local. Leaders say this reflects the need for a community bank tailored to serve small to medium-sized Vermont businesses.
That’s exactly what the bank will do if it gets approval from the FDIC.
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