Bank of Bird-in-Hand

Last updated

Bank of Bird-in-Hand
Company type Private company
Industry Banking
FoundedNovember 27, 2013;10 years ago (2013-11-27)
Headquarters,
Key people
Alan Dakey (CEO)
Lori Maley (Former CEO)
Products Retail banking
Website bihbank.com

Bank of Bird-in-Hand is an American bank, the first in the United States to open following the passage of the Dodd Frank Act in 2010. [1] It was founded in Bird-in-Hand, Pennsylvania by a group of local Amish and non-Amish investors. [2]

Contents

History

On November 27, 2013, [3] the Federal Deposit Insurance Corporation approved the launch of Bank of Bird-in-Hand. At the time of opening, the bank had $17 million in capital. [4]

The bank celebrated its first anniversary on December 2, 2014. [5]

Lori Maley replaced Alan Dakey as CEO of the bank on March 1, 2017. [6]

Assets

As of June 30,2020, the bank reported total assets of $527.5 million, total deposits of $453.2 million, total net loans of $425.0 million, and total shareholders’ equity of $57.8 million. [7]

Location and clientele

The bank is located in Bird-in-Hand in Pennsylvanian Amish Country with several branches in and around Lancaster County, plus several vans operating as their mobile branch. [8] [9] The bank caters mostly to Amish borrowers, however not exclusively. [1]

Building

The bank includes a drive-through window designed to accommodate a horse-drawn buggy. [10]

Related Research Articles

<span class="mw-page-title-main">Bird-in-Hand, Pennsylvania</span> Census-designated place in Pennsylvania, United States

Bird-in-Hand is an unincorporated community and census-designated place (CDP) in Lancaster County, Pennsylvania, United States, in East Lampeter Township. The "Bird in Hand" ZIP code extends east from the CDP into Leacock and Upper Leacock townships. The community has a large Amish and Mennonite population. As of the 2010 census, the population within the CDP was 402.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation incorporated in Delaware and headquartered in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">Credit union</span> Member-owned financial cooperative

A credit union is a member-owned nonprofit cooperative financial institution.

<span class="mw-page-title-main">Regions Financial Corporation</span> Financial services company based in Birmingham, Alabama

Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern and Midwestern United States.

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions. As a result, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. There is the risk of the borrower defaulting on the loans taken out from peer-lending websites.

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank and Umpqua Investments.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB), headquartered in Hicksville, New York, is a bank holding company for Flagstar Bank. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. NYCB is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

<span class="mw-page-title-main">WSFS Bank</span> American financial services corporation

WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 116 offices, 88 of which are banking offices, located in Pennsylvania (59), Delaware (40), New Jersey (14), Florida (1), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

<span class="mw-page-title-main">Wells Fargo</span> American multinational banking and financial services company

Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.

Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government-owned Uganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development Bank is a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.

Thomas Joseph Petters is a former American businessman and chairman and CEO of Petters Group Worldwide, a company which stole over $2 billion in a Ponzi scheme. He was convicted of massive business fraud in 2009 and is now imprisoned at the United States Penitentiary, Leavenworth. Amid mounting criminal investigations, Petters resigned as his company's CEO on September 29, 2008. He was convicted of numerous federal crimes for operating Petters Group Worldwide as a $3.65 billion Ponzi scheme and received a 50-year federal sentence.

Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.

<span class="mw-page-title-main">United Overseas Bank</span> Singaporean regional bank

United Overseas Bank Limited, often known as UOB, is a Singaporean regional bank headquartered at Raffles Place, Singapore, with branches mostly found in Southeast Asia countries. It is one of the three "big local banks" in the country, the other two being DBS Bank and OCBC.

<span class="mw-page-title-main">Silicon Valley Bank</span> American commercial bank

Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.

SoFi Technologies, Inc. is an American online personal finance company and online bank. Based in San Francisco, SoFi provides financial products including student loan refinancing, mortgages, personal loans, credit card, investing, and banking through both mobile app and desktop interfaces.

<span class="mw-page-title-main">Signature Bank</span> American commercial bank

Signature Bank was an American full-service commercial bank headquartered in New York City and with 40 private client offices in the states of New York, Connecticut, California, Nevada, and North Carolina. In addition to banking products, specialty national businesses provided services specific to industries such as commercial real estate, private equity, mortgage servicing, and venture banking; subsidiaries of the bank provided equipment financing and investment services. At the end of 2022, the bank had total assets of US$110.4 billion and deposits of $82.6 billion; as of 2021, it had loans of $65.25 billion.

Equitable Bank is a Canadian bank that specializes in residential and commercial real estate lending, as well as personal banking through its digital arm, EQ Bank. Founded in 1970 as The Equitable Trust Company, it became a Schedule I Bank in 2013 and has since grown to become Canada's seventh largest bank by assets.

Wealth One Bank of Canada is a Canadian Schedule I bank opened in 2016 with a focus on providing services to Chinese-Canadians. It provides innovative banking products and services online for business owners and entrepreneurs, real estate investors, newcomers and all Canadians.

References

  1. 1 2 "A Local Bank in Amish Country Flourishes Amid Dearth of Small Lenders". The Wall Street Journal. March 29, 2015.
  2. "Bank of Bird-in-Hand proposed, includes Amish investors". Lancaster Online. January 8, 2013.
  3. "RE:Bank of Bird-in-Hand Application for Federal Deposit Insurance" (PDF). FDIC. Retrieved August 25, 2015.
  4. "Bank of Bird-in-Hand takes to the skies". Financial Times. December 1, 2013.
  5. "New CEO for Bank of Bird-in-Hand sees opportunities ahead". Lancaster Online. December 8, 2014.
  6. "Central Penn Business Journal". February 14, 1017.
  7. "Bank of Bird-in-Hand Reports on Progress of Stock Offering". www.businesswire.com. October 2, 2020. Retrieved December 30, 2020.
  8. "Amish start-up: The bank of Bird-in-Hand". Philly.com. October 17, 2013.
  9. "Locations & Hours". Bank of Bird-in-Hand.
  10. "Nice gig: Lessons from one of America's youngest lenders". The Economist. August 22, 2015. Archived from the original on October 31, 2020.