Bank of Burlington in South Burlington, Vt., has been cleared to open.
Organizers said in a press release that the de novo had received its certificate of insurance from the Federal Deposit Insurance Corp. and a certificate of authority from the State of Vermont Department of Financial Regulation.
“We are delighted to announce the opening of Bank of Burlington,” Geoffrey Hesslink, the bank’s chairman and CEO, said in the release.
“Bank of Burlington will return responsive, high-service community banking to Vermonters,” Hesslink added. “This is banking like it used to be – where you know your banker, they know your business and without the hassles of large regional/national banks.”
Organizers had to raise $33 million before the bank could open.