One to Watch: VisionBank
Following the 2008 financial crisis, the FDIC stopped reviewing banking licenses for new institutions, leaving very few new banks to replace those which merged or failed in the aftermath of the crisis.
But with regulators now inviting – and even encouraging – new banks to apply for operational licenses, the US market is seeing a deluge of banking activity emerging across the country.
And when it comes to community banking options, Virginia is the state that has it all. Alongside de novo competition, Trustar Bank, VisionBank is the latest ‘in organization’ operation drawing our attention and putting the Arlington and McLean area of Greater Washington firmly on the map. According to their filed application, submitted in mid-October 2018, the bank is looking to serve small to midsize businesses and consumers.
Headquartered at 8300 Greensboro Drive, McLean, the bank promises that they will always put their customers first,employing methods which will place heavy emphasis on recognising individualism as well as servicing clients with a more personable approach.
VisionBank is currently working to raise $35m in capital ahead of launching their operations, according to the regulatory application filed with the FDIC, and are targeting loans of between $2m and $5m for SMEs.
Despite still being ‘in organization’, the bank already has a full bench when it comes to their leadership roster. CEO, Melinda (Mindi) McClure and COO, Richard Horn head up their management team and provide extensive banking experience, as well as strong ties to the local business community. The bank will also benefit from a wealth of experience from their Board of Directors which now boasts 12 advisors, and half of these have experience serving as executives or directors for local banks. The bank’s leadership also includes Jenifer Bush as Chief Lending Officer, and Board Directors such as: Todd Stottlemyer, James ‘Jim’ Abdo, Jennifer Bognet, and Peter Nostrand.
Having originally planned on launching the bank in Q2 of 2019, the bank is now expecting to officially launch before the end of the year. But this doesn’t mean they’re idly waiting in the wings – oh no, VisionBank are firmly focussing on the future. And it’s vision in name, vision in nature as they are reportedly already looking at a location for a second branch in Northern Virginia, and there are also whispers of expansion in Maryland and Washington, D.C.