
Planet Money
How to start a bank
Mar 7, 2025
Starting a bank is like launching any business, but with way more regulations! Follow two women in Columbus, Ohio, as they tackle the daunting challenges of creating a community bank. Discover the unique focus on empowering female entrepreneurs and the hurdles faced in the wake of past financial crises. Get a glimpse into the meticulous planning and the exciting journey to the grand opening, complete with humorous anecdotes and overcoming obstacles. It's a fascinating exploration of innovation and resilience in the banking world!
25:52
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Quick takeaways
- Starting a bank involves navigating complex regulations and raising significant capital, which can take years and meticulous planning to achieve.
- Fortuna's focus on supporting female entrepreneurs highlights the gender disparity in banking and aims to empower women through personalized services.
Deep dives
The Challenges of Starting a New Bank
Starting a bank like Fortuna involves navigating a complex and lengthy process that can take years to complete. Fortuna's founders faced numerous obstacles, including raising $20 million in capital, complying with regulatory requirements, and setting up essential banking infrastructure. The founders, Lisa Berger and Ilaria Rollins, quickly learned that establishing a new bank is labor-intensive and requires meticulous planning, from developing a business model to determining operational details like overdraft protection. Their venture also reflects a declining trend in new bank establishments, with only six banks starting in contrast to over 100 annually before the 2008 financial crisis.
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