Burlington, VT — A bank chartered in Vermont for the first time since 1989 has opened to serve small to midsize businesses.
In June, Bank of Burlington announced it had raised the capital needed to open, and in August, it officially received a certificate of insurance from the Federal Deposit Insurance Company. The new bank will only offer loans to businesses, although individual customers can open deposit accounts.
Customers will do their banking from their phone the banks or via mobile app.
The bank’s sole physical location is on Kimball Avenue, and officials say it is focusing on bringing local banking back to Chittenden County and offering better service than corporate-owned banks. At Thursday’s grand opening, Rep. Peter Welch said local banks are important for local businesses.
“We have to have strong, passionate, quick-deciding financial institutions to help our small entrepreneurs here in Vermont get things done,” said Welch.