Introduction
Northeastern Banking Services Group, LLC (NEBSG) is a full service management consulting firm specializing in bank strategy, systems, operations and regulatory services. A niche capability of our professionals has been the pre-start up direct assistance and post start-up on-going support provided to de novo banks in these areas. We make sure the Bank is ready for the regulatory scrutiny and is ready for operational implementation on day-one. Services For De Novo Banks
- • Out-sourced CFO, CIO, COO and/or Compliance Officer
- o These positions typically are not able to be full-time or even part-time employees until within two to three months of the approved opening date, and in many circumstances, de novo banks will need to out-source man of these functions for the first two or three years until up and running.
- • Consulting Services Include:
- o Facilitation and Preparation of Business Plan
- Strategic Plan and Business Plan outlining the products, services, competition and Financial Plans
- Market study and evaluation (opportunity validation)
- o Bank Charter application preparation and filing support
- o Regulatory consultation and assistance
- o Bank operations set-up and preparation with:
- Vendor selection, contract negotiation and implementation support
- Technology and network design and set-up
- Job descriptions
- Policies and procedures
- Regulatory Risk Management Documentation
- o Facilitation and Preparation of Business Plan
Past De Novo Bank Clients of Our Professionals Include
- • Commonwealth National Bank (Worcester, MA)
- • Bank of Southern CT (New Haven, CT)
- • Connecticut River Community Bank (Wethersfield, CT)
- • Bank of Greenwich (CT)
- • LibertyPointe Bank (NYC)
- • Valley Bank (Bristol, CT)
- • Bank Rhode Island (Providence, RI), spin-off of Fleet
- • Prime Bank (Westborough, MA), did not open
- • Cape & Islands Private Bank (MA), did not open
- • HigherOne Bank (New Haven, CT), in formation