Start-Up Banks Popping Up Across Triangle
Posted January 17, 2006 7:45 a.m. EST
FUQUAY-VARINA, N.C. — A group of Fuquay-Varina businessmen is setting out to change the way the banking business is done.
They are in the process of starting a locally owned, community-based, financial institution called Patriot State Bank.
"I think the most important thing is convenience and how easy it is to do your banking. That's going to be our goal, to make it convenient, make it simple, make it fast, so you know who you're dealing with," said Robert Sedivy, one of the bank's organizers.
Start-up banks are popping up all over the Triangle area. Five are up and running, and another five are on the way.
Are there any real advantages to putting your money in a local bank? The investors behind Patriot State said every deposit their customers make is an investment in the community.
"The money that is deposited in the bank stays in the bank, stays in the community, it's not deposits that are used in funds across the country," Sedivy said.
Smaller banks can also make quicker decisions about loans. While chains must get approval by navigating through a corporate network, community banks already know who they are dealing with.
Patriot State Bank is still gathering investors. The minimum buy-in is $2,700. The bank expects to open sometime in the summer.