Bank of Bird-in-Hand explained

Bank of Bird-in-Hand
Type:Private company
Industry:Banking
Hq Location City:Bird-in-Hand, Pennsylvania
Hq Location Country:United States
Key People:Alan Dakey (CEO)
Lori Maley (Former CEO)
Products:Retail banking

Bank of Bird-in-Hand is an American bank, the first in the United States to open following the passage of the Dodd Frank Act in 2010.[1] It was founded in Bird-in-Hand, Pennsylvania by a group of local Amish and non-Amish investors.[2]

History

On November 27, 2013,[3] the Federal Deposit Insurance Corporation approved the launch of Bank of Bird-in-Hand. At the time of opening, the bank had $17 million in capital.[4]

The bank celebrated its first anniversary on December 2, 2014.[5]

Lori Maley replaced Alan Dakey as CEO of the bank on March 1, 2017.[6]

Assets

, the bank reported total assets of $527.5 million, total deposits of $453.2 million, total net loans of $425.0 million, and total shareholders’ equity of $57.8 million.[7]

Location and clientele

The bank is located in Bird-in-Hand in Pennsylvanian Amish Country with several branches in and around Lancaster County, plus several vans operating as their mobile branch.[8] [9] The bank caters mostly to Amish borrowers, however not exclusively.

Building

The bank includes a drive-through window designed to accommodate a horse-drawn buggy.[10]

Notes and References

  1. Web site: A Local Bank in Amish Country Flourishes Amid Dearth of Small Lenders . The Wall Street Journal . March 29, 2015.
  2. Web site: Bank of Bird-in-Hand proposed, includes Amish investors . Lancaster Online . January 8, 2013.
  3. Web site: RE:Bank of Bird-in-Hand Application for Federal Deposit Insurance . FDIC . August 25, 2015.
  4. Web site: Bank of Bird-in-Hand takes to the skies . Financial Times . December 1, 2013.
  5. Web site: New CEO for Bank of Bird-in-Hand sees opportunities ahead . Lancaster Online . December 8, 2014.
  6. Web site: Central Penn Business Journal. Feb 14, 1017.
  7. Web site: 2020-10-02. Bank of Bird-in-Hand Reports on Progress of Stock Offering. 2020-12-30. www.businesswire.com. en.
  8. Web site: Amish start-up: The bank of Bird-in-Hand . Philly.com . October 17, 2013.
  9. Web site: Locations & Hours . Bank of Bird-in-Hand.
  10. Web site: Nice gig: Lessons from one of America’s youngest lenders. August 22, 2015. The Economist . subscription . https://web.archive.org/web/20201031015344/https://www.economist.com/finance-and-economics/2015/08/20/nice-gig . October 31, 2020.

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