The specific services and procedures include:
- Compile and prepare a detailed market feasibility study of the selected market area in order to determine the viability of starting a bank in that market.
- Assist in determining the qualifications and the selection for the key management positions of the proposed bank.
- Prepare an analysis of the capital needs for a bank and develop several variations of a business plan, including forecasts of income and expenses, to be considered by the proposed Board for the venture and, if acceptable to the Board, used subsequently in the regulatory applications for expansion.
- Meet with the Board to discuss the details of the market study and the business plan and discuss future strategy for moving forward with the application.
- Following the strategy meeting with the Board, arrange for a meeting to be held with the Department of Banking and the FDIC for the purpose of a “prefiling interview”.
- Compile and prepare an application for a de novo bank with the Department of Banking, attend meetings with the agency, and coordinate the investigation work that will be performed. help the chief financial officer set up the accounts and budgets for the bank.
- Prepare and file application materials with the Federal Deposit Insurance Corporation for the insurance of the new state bank.
- Assist your attorney in the preparation of the necessary legal documents and stock offering materials
- Assist the bank in the pre-opening process including helping to set up the accounts and budgets for the bank and provide consultation advice for one year after the opening of the bank
