Organizers behind Bank of Burlington in Vermont plan to raise $24 million to $30 million of initial capital.
The group said in its application with the Federal Deposit Insurance Corp. that the bank would focus largely on small businesses. There are no plans to offer retail loans, and most of the deposits would come from small business owners, professionals and municipalities.
“The bank intends to become the leading small business lender in its primary market area by assembling a talented team of bankers with deep roots in the local community and focusing resources on investments in human capital and technology infrastructure,” the application said.
Geoffrey Hesslink would serve as the bank’s chairman and CEO. He was president and CEO of Merchants Bancshares in South Burlington, Vt., which was sold to Community Bank System in May 2017. He left Community Bank System the following year.
Several organizers have ties to Champlain Investment Partners, including CEO Judith O’Connell.