The FDIC announced that they are reducing the supervisory period for newly established banks to three years, down from the seven year requirement instated in the aftermath of the financial crisis. In addition, they expressed an interest in receiving new bank applications.
“The entry of new banks has helped to preserve the vitality of the community banking sector over time,” FDIC Chairman Martin J. Gruenberg said Wednesday at a conference hosted by the FDIC to discuss community banking. “De novo institutions fill important gaps in our local banking markets, providing credit and services to communities that may be overlooked by larger institutions. The FDIC welcomes applications for deposit insurance.”