Organizers of the proposed Bank of Burlington in South Burlington, Vt., have received conditional approval from the Federal Deposit Insurance Corp.
The FDIC is requiring the group to raise $33 million before opening the bank.
The group said in its December 2021 application for deposit insurance that it planned to raise $24 million to $30 million of initial capital.
The bank will largely focus on small businesses with no plans to offer retail loans.
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 next year.
Several organizers have ties to Champlain Investment Partners, including CEO Judith O’Connell.