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Home Community Banking

Gruenberg: Eight Deposit Insurance Applications Approved in Past Year

October 23, 2017
Reading Time: 1 min read

The FDIC has approved eight applications for deposit insurance in the past year — a number of de novo approvals exceeding the total of new charters granted from 2010 to 2016 — said FDIC Chairman Martin Gruenberg in Springfield, Ill., today. “Our expectation is that rising interest rates and higher price-to-book multiples will encourage more applications for deposit insurance for new institutions, while discouraging the acquisition of existing banks as their relative price increases,” he explained.

Gruenberg insisted that “the FDIC is committed to working with, and providing support to, any group with an interest in starting a community bank,” noting that the agency has designated application staff in each regional office, reduced the de novo supervisory period to three years, held outreach meetings and issued a new handbook for de novo organizers. “We understand the importance of establishing new community banks with strong business plans without undue delay.”

The American Bankers Association has long advocated for regulators to do more to spur de novo formation and will continue to engage with the FDIC and other agencies to support the formation of new banks.

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