July 17, 2019
FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL ANNOUNCES APPROVAL OF DE NOVO BANKING CHARTER
Piermont Bank to Open Commercial Bank in Manhattan, Expanding New York State-chartered Banking System
First De Novo Banking Charter Approved Since 2008
Financial Services Superintendent Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Piermont Bank to operate as a New York State-chartered full-service commercial bank. Piermont has been granted the first de novo banking charter since 2008.
“Community banks serve as a critical source of credit for New York State’s small businesses and consumers, and DFS is pleased to welcome Piermont to New York,” said Superintendent Lacewell. “DFS is committed to supporting and encouraging a healthy, vibrant community banking sector that fosters economic development and provides consumers with access to financial services and appropriate safeguards.”
DFS has approved Piermont Bank’s application to operate as a New York State-chartered commercial bank headquartered at 4 Bryant Park in Manhattan. Piermont, whose deposits are insured by the Federal Deposit Insurance Corporation, is also a FDIC-designated Minority Depository Institution, as a women-led, women majority board and women-owned bank. The bank plans to serve small and medium-size businesses and has a fully integrated and digitized platform to best meet the community’s needs.
“We are thrilled to be part of the DFS family and can’t ask for a more supportive regulator throughout the application process. We look forward to supporting New York-based businesses and be a vital contributor to the growth of our state,” said Wendy Cai-Lee, President & CEO of Piermont Bank.
The Department of Financial Services supervises and regulates the activities of approximately 1,500 banking and other financial institutions with assets totaling more than $2.6 trillion and more than 1,400 insurance companies with assets of more than $4.7 trillion. They include more than 130 life insurance companies, 1,300 property/casualty insurance companies, about 100 health insurers and managed care organizations, and 300,000 individual insurance licensees, 122 state-chartered banks, 80 foreign branches, 10 foreign agencies, 14 credit unions, 13 credit rating agencies, nearly 400 licensed financial services companies, and more than 9,600 mortgage loan originators and servicers.