The much-awaited Bank of Burlington opens for business in South Burlington on Thursday.
The new bank will lend only to businesses, though it will accept deposits from individuals and municipalities, with a focus on small businesses around Vermont, said Jerry Tarrant, one of its investors and board members. Tarrant is an entrepreneur and cofounder of MyWebGrocer.
“We’re going to have the opportunity to do two things very, very well,” Tarrant said. “One is get to know our customers and be able to respond quickly because all decisions are being made right here in Vermont.” The other, Tarrant said, is relying on the “knowledge of (the) customer rather than just metrics” when making decisions about loans.
The bank is the first Vermont-chartered bank to open in years. At the same time, other financial institutions operating in the state continue to consolidate.
Bank of Burlington will have no physical branches and is instead relying on technology to connect with borrowers and depositors.
The bank will hold its grand opening Thursday in an office suite on Kimball Avenue in South Burlington. U.S. Rep. Peter Welch, D-Vt., is scheduled to speak at the event.
“We want to be a good lender for this community, providing local capital for local businesses,” said Joe Larkin, another board member and investor and the founder of Larkin Realty.
Other investors in the bank include S.D. Ireland president and chief executive officer Scott Ireland, Redstone Commercial Group chief executive officer Larry Williams and retired Wall Street executive Bruce Lisman.
In June, the bank announced that it had raised $33 million from 115 investors. Tarrant said it has not taken on additional investors since then.
Neither bank president Walter Greiner nor board chair and chief executive officer Geoffrey Hesslink were available for interviews Wednesday.
