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Bank of Bird-in-Hand

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Bank of Bird-in-Hand
Company typePrivate company
IndustryBanking
FoundedNovember 27, 2013; 10 years ago (2013-11-27)
Headquarters,
Key people
Alan Dakey (Former CEO)
Lori Maley (CEO)
ProductsRetail banking
Websitebihbank.com

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

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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

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As of June 30, 2020, 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

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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.[1]

Building

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

References

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  1. ^ a b "A Local Bank in Amish Country Flourishes Amid Dearth of Small Lenders". The Wall Street Journal. March 29, 2015.
  2. ^ "Bank of Bird-in-Hand proposed, includes Amish investors". Lancaster Online. January 8, 2013.
  3. ^ "RE:Bank of Bird-in-Hand Application for Federal Deposit Insurance" (PDF). FDIC. Retrieved August 25, 2015.
  4. ^ "Bank of Bird-in-Hand takes to the skies". Financial Times. December 1, 2013.
  5. ^ "New CEO for Bank of Bird-in-Hand sees opportunities ahead". Lancaster Online. December 8, 2014.
  6. ^ "Central Penn Business Journal". February 14, 1017.
  7. ^ "Bank of Bird-in-Hand Reports on Progress of Stock Offering". www.businesswire.com. October 2, 2020. Retrieved December 30, 2020.
  8. ^ "Amish start-up: The bank of Bird-in-Hand". Philly.com. October 17, 2013.
  9. ^ "Locations & Hours". Bank of Bird-in-Hand.
  10. ^ "Nice gig: Lessons from one of America's youngest lenders". The Economist. August 22, 2015. Archived from the original on October 31, 2020.
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