8.22 - saw https://found.com/ (business banking startup) mention Piermont Bank and Lending Club as its FDIC banking partners
- Piermont was only founded in 2019 by Wendy Cai-Lee - 27 yrs of IB exp at Chase: pre-JPM and pre-Chemical Bank and turnaround work for East West Bank after it took over United Commercial Bank, the FDIC’s second-largest bank at the time… Chief Financial Officer, Frank Fusco, is the former CFO of Astoria Bank, which was once a $20+ billion bank that was successfully merged into Sterling National Bank. Chief Banking Officer, Steve LaFredo, spent majority of his banking career with CitiBank in various roles in corporate, commercial and private banking. Chief Credit Officer, Robert Tolomer most recently served as the CCO at Greater Hudson Bank (currently part of ConnectOne Bank). Chief Information Officer, Robert J. DeStefano is the former CIO of Astoria Bank with extensive technology and operations experience.
- “Banking as a service is probably in its third generation. In the first generation, the bank stayed anonymous. It provided the FDIC insurance, the debit card/credit card BIN sponsorship, and the clearing, but the customer didn’t know who the bank was. If you kept scrolling down the fintech’s website, you’d find it all the way at the bottom because regulators caught on and said: “You have to disclose that these products are actually being offered by a chartered or regulated bank.” We do third-generation banking as a service: The bank takes center stage when working with a fintech”
- First new NY-chartered bank in a decade - women-led and women majority bank… FDIC Minority Depository Institution, as of Q1’22 there were 144 MDIs with an average $2bn in assets
- 61 of which AAPI majority owned, 19 NA (incl Lumbee Bank, first NA owned bank in 1971), 16 AA, 16 HA
also dynasty financial partners doing tech for RIAs
AnytimeFitness… “has averaged opening one club every 1.3 days over the past 20 years.” (adweek)