Organizing a Bank

Bank Organizing Group (BOG)

Brief Overview

BOG was formed to organize a bank. They had a new and exciting product they wanted to provide in an underserved market.

 

Situation

BOG wanted to organize a bank and did not have the expertise.

 

Why Goff Associates, Inc. (GAI)?

GAI has substantial experience with financial institutions including startups.

 

Results

GAI was retained to lead the organization of the bank. GAI put together a team of additional consultants and attorneys that were needed to organize the bank and identified the Chief Executive Officer and Chief Financial Officer which the bank eventually hired. GAI coordinated the application process with the FDIC and state bank examiners, which included development of policies and procedures, assisted in the brand development and application for the trademark of the name. GAI recommended outsourcing the IT functions including the development of the IT policy as part of the application process. Once the application was approved by both the state and the FDIC, GAI lead the team in the development of the offering circular and raising over $15 million. The project was brought in within its $1.5 million budget.

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