Independent Banker - January 2022 - 56

conduct business. The community bank also converted
three RVs, popularly known as the Gelt buses- " gelt " is
Pennsylvania Dutch for money-into mobile branches.
Ranging from 29 to 39 feet in length, the mobile branches
travel to 16 locations in Lancaster and Chester counties,
allowing customers who don't drive motor vehicles to
communicate with a banker face to face.
OPENING IN A PANDEMIC
Pandemic-era de novos are facing down other challenges.
" I never thought I'd be launching a bank from home, "
says Stephen Gordon, the founding chairman and CEO of
Genesis Bank in Newport Beach, Calif. But while the de
novos of 2021 certainly started under unusual working
conditions, the greatest stumbling blocks came not from
Zoom meetings or even regulatory demands. What has
been most daunting for the latest crop of de novos is the
business environment.
" Folks that we thought would be investors did not
invest, because they said that the impact of the pandemic
on their businesses was unclear, " says president and CEO
Mike Ives of Integrity Bank for Business, which opened for
business in May 2021. He adds that the bank's region of
Virginia Beach, Va., relies on the tourism industry, and the
hospitality sector was especially hard hit.
That said, young banks already in operation during
the pandemic benefited from the Paycheck Protection
Program (PPP).
" A lot of small businesses that were having trouble
getting PPP loans from the big banks and regional banks
went to the smaller ones, " Cole says. " Many of the de novos
got a lot of new customers through the PPP. "
PATHS TO STARTING
A DE NOVO
Bankers contemplating
a new venture typically
weigh applying for a de
novo against acquiring an
existing charter. Since the
pandemic, the scales have
arguably tipped in favor of
acquisitions, according to
Greyson Tuck, an attorney
and consultant at Gerrish
Smith Tuck Consultants
and Attorneys, PC in
Memphis, Tenn.
The pandemic lowered
the market value of
existing banks looking
to sell and spurred some
previously undecided
banks to make an exit,
TRACKING NEW BANK APPLICATIONS
Bank formations, 2007-2021 Source: FDIC
100
80
60
40
20
APPROVED
PENDING
Top: Bank of Bird-in-Hand employees with one of their Gelt buses,
mobile branches that travel to 16 locations. Bottom: Integrity Bank for
Business opened May 3, 2021, in Virginia Beach, Va. Pictured, from
left: deputy chief credit officer Peter Reeves; chief operating and
lending officer Leigh Keogh; assistant chief deposit officer Maureen
Grover; president and CEO Michael Ives; chief deposit officer Melonie
Whitehead; and chief development officer Neal Crawford.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
56 Q ICBA Independent Banker Q January 2022
NUMBER OF BANK FORMATIONS

Independent Banker - January 2022

Table of Contents for the Digital Edition of Independent Banker - January 2022

Table of Contents
Independent Banker - January 2022 - Cover1
Independent Banker - January 2022 - Cover2
Independent Banker - January 2022 - Table of Contents
Independent Banker - January 2022 - 2
Independent Banker - January 2022 - 3
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Independent Banker - January 2022 - Cover3
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