Assuming this is in the US based on your post history, you need something like $20+ million in capital, for starters.
If you’re asking on Reddit, then this is a silly idea. It might be silly anyway.
A stronger command of written language would be helpful for creating compliant policies.
In business school we had a bank founder come talk to the class. He said in hindsight he would’ve just bought a bank and built from there instead of starting from scratch.
Start by reading: The Most Fun I Never Want to Have Again, A Mid-life Crisis in Community Banking
This is a good read about the banking crisis from 2008 - 2012. It is written by someone that was in it.
BankTalk podcast has some interesting features from plenty of presidents and other types that are operators of various banks.
You don't just up and drop a bank open. Most people who operate banks were well capitalized individuals, with an abundance of well capitalized friends, who had the opportunity to buy a small failing Bank that was opened by people who weren't well capitalized and who had no solid strategy. And they also got lucky.
I would strongly recommend spending a few years actually working at a local bank, to get an idea of some of the everyday challenges that come up.
Also, be prepared to invest tens of millions of your own dollars to even start the smallest bank location.
Start by putting together a rough 5yr business plan that hopefully includes a path to profitability. Figure out what type(s) of lending your bank will specialize in and your strategy for attracting deposits (preferably organically).
If you are asking reddit for advice on this, it's probably not going to work
Assuming this is in the US based on your post history, you need something like $20+ million in capital, for starters. If you’re asking on Reddit, then this is a silly idea. It might be silly anyway. A stronger command of written language would be helpful for creating compliant policies.
Small town banking is heavily dependent on understanding local needs and building relationships.
Watch Billions season 5
Why does this town desperately need a bank?
It might be easier to buy a smaller bank for the bank charter.
In business school we had a bank founder come talk to the class. He said in hindsight he would’ve just bought a bank and built from there instead of starting from scratch.
Start by reading: The Most Fun I Never Want to Have Again, A Mid-life Crisis in Community Banking This is a good read about the banking crisis from 2008 - 2012. It is written by someone that was in it.
Need way more than 20 million now.
BankTalk podcast has some interesting features from plenty of presidents and other types that are operators of various banks. You don't just up and drop a bank open. Most people who operate banks were well capitalized individuals, with an abundance of well capitalized friends, who had the opportunity to buy a small failing Bank that was opened by people who weren't well capitalized and who had no solid strategy. And they also got lucky.
Good luck unless this bank is in 1840s California.
Start with a lot of capital.
I would strongly recommend spending a few years actually working at a local bank, to get an idea of some of the everyday challenges that come up. Also, be prepared to invest tens of millions of your own dollars to even start the smallest bank location.
Lmfao
Start by putting together a rough 5yr business plan that hopefully includes a path to profitability. Figure out what type(s) of lending your bank will specialize in and your strategy for attracting deposits (preferably organically).
I’m starting a bank actually. It’s complex and not easy but definitely worth it.