Is It Time to Start a New Bank? De Novo Applications Are Up!
Sharon J. Lorman
Jeffrey P. Marsico
Richard B. Trauger, Jr.
Guest: Joseph W. Major, Chairman of the Board and CEO, The Victory Bank
Podcast Show Notes:
Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute or at your desk.
Topic: Is It Time to Start a New Bank? De Novo Applications Are Up!
Start time: 1:26
As of Sept. 30, 2018, 21 applications were filed this year with the FDIC to insure de novo banks. With the recent appointment of a new FDIC chief and easing of bank regulations, new optimism exists for starting banks. Since the Dodd-Frank Act was enacted in 2010, there have only been thirteen true de novos established, five of which began operations in 2018. In comparison, 191 de novos began operation in 1990. Join us to discuss the upswing in de novos, the environment today and what it was like to start a de novo ten years ago. Our guest this month is Joseph W. Major, Chairman, CEO and Bank Leader of The Victory Bank which was established in January 2008 and had approximately $241 million in assets as of September 30, 2018.
About Joseph W. “Joe” Major
Mr. Major is the chairman of the board and chief executive officer of The Victory Bank and was a principle organizer of the Bank. He has served as the president and chief executive officer of two other financial services companies, Vartan National Bank, a privately held commercial banking company headquartered in Harrisburg, Pennsylvania, and Patriot Bank Corp., a $1.1 billion bank holding company headquartered in suburban Philadelphia. Mr. Major is a member of the Board of Directors of the Pennsylvania Bankers Association and is the immediate past Chairman of the organization, and formerly served as a director of The First National Bank of Liverpool and a director of ETA, a bank data processing service bureau located in central Pennsylvania. He also served as a director of the PBA’s Advanced School of Banking and is currently a member of the faculty. In addition to his undergraduate degree in business, Mr. Major holds a JD from the University of Akron, and is an honor’s graduate of the ABA’s Stonier Graduate School of Banking (98), where he currently serves as a Capstone Advisor to members of the third year class.
Watch for episode 35 of This Month in Banking to be released on Wednesday, November 28, 2018. We release a full episode plus a lite episode on the last Wednesday of every month.
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