For enterprising individuals, one way to make your banking experience more individual could be to start your own. Here are some tips on how to get started. Identify a Need One of the first things any prospective small business owner must assess is the need for his or her business in the community. Being a bank owner is no exception. Capital and Regulation Generally banks need about $12 to 20 million in capital to get started. Many community banks are able to raise that money locally. Mike Schultz, the CEO of Harmony Bank in New Jersey, found that 90% of the capital he raised came from within the community. In Harmony Bank's case, the board of directors was made of up of business leaders from within the community including a 40 year-old law firm, a construction company and an accounting firm.
Starting a bank involves a long organization process that could take a year or more, and permission from at least two regulatory authorities. Extensive information about the organizer(s), the business plan, senior management team, finances, capital adequacy, risk management infrastructure, and other relevant factors must be provided to the appropriate authorities. The proposed bank must first receive approval for a federal or state charter. The Office of the Comptroller of the Currency (OCC) has exclusive authority to issue a federal or "national bank" charter, while any state (and the District of Columbia, Guam, Puerto Rico, and the Virgin Islands) may issue a state charter. Before granting a charter, the OCC or state must be able to determine that the applicant bank has a reasonable chance for success and will operate in a safe and sound manner. Next, the proposed bank must obtain approval for deposit insurance from the Federal Deposit Insurance Corporation (FDIC). Additional approvals are required from the Federal Reserve if, at formation, a company would control the new bank and/or a state-chartered bank would become a member of the Federal Reserve.
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Evaluate how practical it is for you to start a bank. Look at your business experience. You will need to have business management skills, financial management skills and fund-raising skills. o
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Get to know your market. Before you start a bank you need to find a hole in your current market. After all people are not going to come to a start up bank if they can't offer the customer something unique. If your local market is already saturated with banks consider moving your bank to an outlying area that is underserved by financial institutions, or consider starting an online bank. o
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Recruit professionals to head the board of your bank. Look for people who you can work well with, for people who have banking skills and experience and for people who have business management skills and experience. o
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Research the requirements your state has for starting a bank. You can find this information at your state's Department of Financial Institutions. o
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Create a plan for raising the required capital funds for your bank. Search for investors, grant programs and ways to earn money to back your bank's start up. Expect to be required to raise millions of dollars for your bank's start up. California, for example, requires charter banks to have between $6 million and $10 million dollars in capital funds before their doors open. o
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Download and fill out the required paperwork for starting a bank. These forms can be found online at your state's Department of Financial Institutions' website. This application packet will include a general information sheet, several questionnaires, financial reporting sheets and eligibility checklists. You will also be required to complete supplemental documentation to back up your request to start a bank. You may need to put together a proposal for your bank and you may also need to create a business plan. o
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Wait for approval. This can take between several weeks and several months. o
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Implement your business plan after getting approved by your state's Department of Financial Institutions. Start your fundraising, look for a building, acquire insurance and bonding, hire employees and develop a marketing campaign. Read more: http://www.ehow.com/how_2062432_start-bank.html#ixzz2sfrCTbAc
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