Lakeside Bank Is The One New Bank In 2010

The New York Times:

The only new start-up bank to open in the United States this year operates out of a secondhand double-wide trailer, on a bare lot in front of the cavernous Trinity Baptist Church.

Read the whole story: The New York Times

Comments

[Hirnlego]

09:50 AM on 08/29/2010

Hospital cleaners are worth more to society than bankers, a study suggests.

The research, carried out by think tank the New Economics Foundation, says hospital cleaners create £10 of value for every £1 they are paid.

It claims bankers are a drain on the country because of the damage they caused to the global economy.

They reportedly destroy £7 of value for every £1 they earn. Meanwhile, senior advertising executives are said to "create stress".

http://news.bbc.co.uk/2/hi/8410489.stm

[johnjohn1234]

09:05 AM on 08/29/2010

Something disconcerting about a bank that can literally go away over night.

[Aneesia]

08:54 AM on 08/29/2010

Congratulations on opening the new bank. This gives the people a chance to put their money somewhere other than the corporate big banks. The community will benefit, not the wealthy robber barons.

[lj9283]

01:33 AM on 08/29/2010

There is a new Community Bank in New Haven, CT that has been granted it's charter, is in organizations and will hopefully open soon.

http://www.startbank.com/

[Ioan Lightoller]

01:16 AM on 08/29/2010

Good luck! Nice to see some competition out there.

[mezcal]

12:57 AM on 08/29/2010

We would already have 100s or 1000s of new, well-capitalized entrepreneurs like this active in the banking space by now had the government and fed forced the existing TBTF oligarchs to eat their own cooking in 07/08.
But they didn't.
So here we are.

[SightSeer]

12:36 AM on 08/29/2010

I'm not judging him by his looks, just making an artistic framing observation that we have a double-wide in a double-wide. I like it when things are neat and orderly and lined-up like that.

[crablover]

01:19 AM on 08/29/2010

You have way too much time on your hands.

[SightSeer]

04:12 AM on 08/29/2010

Huh? I'm sorry that you apparently are challenged in the humor dept., crablover.
And nice to know that you love crabs. Aren't you unique. Very creative.
But you are certainly an expert on having time on one's hands. Thanks for contributing 4,000 bits of valuable commentary to the HP. I hope you feel better for it, as I'm sure we all do,

[Johnnyash]

09:30 AM on 08/29/2010

I was also admiring the symmetry of it all...

[henrypapillon]

12:19 AM on 08/29/2010

Burly? the guy is a pusgut. He's shaped like an egg.

[thecoffeegod]

12:03 AM on 08/29/2010

I used to bank with a very small bank that was purchased by a bigger bank and later still by an even bigger bank. I left that bank and went to a small bank which was purchased by a bigger bank and later still by an even big...well, I think you see where this is going.

The last time my bank was purchased, I just stayed. I can't be bothered to move all my auto-pay accounts or change card numbers on my entire life.

I think they count on that.

[swordnose]

12:17 AM on 08/29/2010

If you work for any bank that has Harris NA (Bank Of Montreal) in their name get out fast and don't worry about your accounts. It'll be worse for you if you stay. As far as treating their employees with any respect, they don't. I got out, but I know people who stayed and they are miserable now with few choices. Some work 67 hours a week averaging 9 dollars per hour after 14 years of sevice. Worse than Wal-Mart.

[REDSTATEREFUGEE]

11:55 PM on 08/28/2010

These might seem like the worst of times to launch a small, independent financial institution, but I offer my best wishes to Lakeside Bank. My only regret is that it is not located in my small, Central California town, where the local bank copped an attitude of superiority when we moved here that would rival any of the larger international megabanks. The founder of Lakeside appears to be a genuinely warm, hospitable entrepreneur.

[betrayed1]

11:54 PM on 08/28/2010

The big money center banks are currently insolvent and would be put out of business if the regulators didn't look the other way regarding all the underwater mortgages and other toxic assets they own that won't be paid, and subsidize them with access to ultra cheap money through the Fed. The hope of the Obama economic team is that they will be able to "earn their way out" of bankruptcy, as long as they are allowed to gouge their customers (outrageous credit cards fees and other costs of doing business with the banks). Make no mistake; the Obama team wants the banks to gouge their customers; the more the large banks screw people, the less chance Obama has to step in with another bailout. A while back, the Huff post was urging readers to move their money. The Obama economic team does not want this, as their will be less customers for the money center banks to rip off, and therefore less chance that the banks will be able to earn enough money to survive as they start foreclosing on people's homes and have to take write downs for those mortgages that are underwater.

[justsomeguywhocameby]

11:52 PM on 08/28/2010

HumeSkeptic is one the original piers that made this place possible.

Using his profile to post, after he has gone is foolish.

[DallasDon]

11:55 PM on 08/28/2010

Hi Guy.
I tried sending you a note regarding suggestions for the project you're working on Thursday night, did you get it? I wet to bed before it ever posted.

[realcon]

12:01 AM on 08/29/2010

What made "his" contribution so important?

[justsomeguywhocameby]

12:03 AM on 08/29/2010

Bite me jr.

[BobRobertsFeltRedundant]

11:50 PM on 08/28/2010

all we need is one national bank.

all the rest are money skimming middle men

[toritto]

11:48 PM on 08/28/2010

Once upon a time (maybe 25-30) years ago there were lots of strong, well capitalized commercial banks. They were highly regulated and rarely failed. They had low leverage (by today's standards) of maybe 9 or 10X. A well performing bank earned 1%+ on total assets and 10%+ on equity.

They loaned out perhaps 80% of their deposit base to local or regional customers. They rarely funded themselves with "hot" money. They paid solid if uninspiring dividends to the little old ladies and local businessmen who owned their stock.

There were thousands of these banks from the largest cities to the most rural area. They operated in virtually protected franchises as hostile take-over, or virtually any take-over for that matter that didn't involve a failing bank was not an option. Banking regulators simply wouldn't allow it. Branching was severely restricted by state statues, protecting smaller banks from intense competition from major metropolitan area banks.

There was plenty of credit available and plenty of banks from which to choose.

Banks developed their own specialities in order to effectively compete. Bank of Boston had vast trading contacts in Latin America. Irving Trust was the largest commercial factor in America. Morgan Guaranty was the premier corporate bank. Citi was NYC's largest retail bank. Regional banks dominated their geographic areas as branching restrictions kept others away. The system worked. Deregulation and the repeal of Glass Steagell did it in.

Rest in Peace.

[Johnnyash]

11:45 PM on 08/28/2010

If this bank runs into trouble, will it receive a government trail-out?

[Wahchintonka]

09:18 AM on 08/29/2010

LOL!!