Vermont Business Magazine Bank of Burlington has received a certificate of insurance from the Federal Deposit Insurance Company (FDIC) and a Certificate of Authority from the State of Vermont Department of Financial Regulation effective August 2, 2022. Bank of Burlington is the newest Vermont Charted Bank since 1989.
“We are delighted to announce the opening of Bank of Burlington. Chittenden County needs, and deserves, a local bank,” said Geoffrey Hesslink, CEO/Chairman. ”Bank of Burlington will return responsive, high service community banking to Vermonters. 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. Technology and a new way of thinking around fee structures will bring community banking forward.”
Highlights:
- Bank of Burlington is the first State of Vermont Banking Charter issued since 1989
- Bank of Burlington will serve small to mid-size businesses in Vermont
- Bank of Burlington will provide growth capital to this important sector of the Vermont economy.
- 96% of the investors are either individuals who live locally in Vermont or are part of a Vermont-based business
- This is local capital funding local businesses.
Bank of Burlington offers custom lending solutions to Vermont businesses and a full suite of deposit products/services to individuals and businesses. Bank of Burlington is a community bank that is looking toward the future; both in the use of technology and differentiating products.
“We are starting with a clean slate; allowing us to think differently about community banking, focus on technology and take a new view on bank fee structures, said Philip Smith, Senior Loan Officer. “We are moving away from the nickel and dime way of banking to a flat fee subscription fee structure, this will bring predictability back to bank cost.”
Bank of Burlington is committed to serving businesses in Vermont and being a contributing part of the community. Located at 30 Kimball Ave in South Burlington, the experienced team of Bank of Burlington will be looking to welcome the public in the coming weeks. For right now, the bank will begin a soft opening to test out processes and technology. Interested parties may join a waitlist on www.bankofburlington.com or follow the LinkedIn page to stay up to date on grand opening plans.
Burlington, VT – August 2, 2022 – Bank of Burlington
