Bank of Bird-in-Hand

Bank of Bird-in-Hand is an American bank, the first in the United States to open following the passage of the Dodd Frank Act in 2010.[1] It was founded in Bird-in-Hand, Pennsylvania by a group of local Amish and non-Amish investors.[2]

Bank of Bird-in-Hand
Company typePrivate company
IndustryBanking
FoundedNovember 27, 2013 (2013-11-27)
Headquarters
Bird-in-Hand, Pennsylvania
,
United States
Key people
Alan Dakey (CEO)
Lori Maley (Former CEO)
ProductsRetail banking
Websitebihbank.com

History

On November 27, 2013,[3] the Federal Deposit Insurance Corporation approved the launch of Bank of Bird-in-Hand. At the time of opening, the bank had $17 million in capital.[4]

The bank celebrated its first anniversary on December 2, 2014.[5]

Lori Maley replaced Alan Dakey as CEO of the bank on March 1, 2017.[6]

Assets

As of June 30, 2020, the bank reported total assets of $527.5 million, total deposits of $453.2 million, total net loans of $425.0 million, and total shareholders’ equity of $57.8 million.[7]

Location and clientele

The bank is located in Bird-in-Hand in Pennsylvanian Amish Country with several branches in and around Lancaster County, plus several vans operating as their mobile branch.[8][9] The bank caters mostly to Amish borrowers, however not exclusively.[1]

Building

The bank includes a drive-through window designed to accommodate a horse-drawn buggy.[10]

References
  1. "A Local Bank in Amish Country Flourishes Amid Dearth of Small Lenders". The Wall Street Journal. March 29, 2015.
  2. "Bank of Bird-in-Hand proposed, includes Amish investors". Lancaster Online. January 8, 2013.
  3. "RE:Bank of Bird-in-Hand Application for Federal Deposit Insurance" (PDF). FDIC. Retrieved August 25, 2015.
  4. "Bank of Bird-in-Hand takes to the skies". Financial Times. December 1, 2013.
  5. "New CEO for Bank of Bird-in-Hand sees opportunities ahead". Lancaster Online. December 8, 2014.
  6. "Central Penn Business Journal". February 14, 1017.
  7. "Bank of Bird-in-Hand Reports on Progress of Stock Offering". www.businesswire.com. October 2, 2020. Retrieved December 30, 2020.
  8. "Amish start-up: The bank of Bird-in-Hand". Philly.com. October 17, 2013.
  9. "Locations & Hours". Bank of Bird-in-Hand.
  10. "Nice gig: Lessons from one of America's youngest lenders". The Economist. August 22, 2015. Archived from the original on October 31, 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.