A team of investors has approached you and asked you to start a new bank for them—one that will increase their investment safely and swiftly. They have $118 million to invest to get the bank started, which they expect to open within one year. Your job is to make the initial decisions on the business plan and start gathering the information needed to apply for a charter.
Your first report will include your researched and measured opinion on the following questions:
What type of charter will the bank have?
What is the bank’s name?
Where will the bank be located—and why?
Who are the competitors for this bank?
What type of services will the bank offer?
Who are the target customers?
Assignment guidelines
Your essay should be 5 to 7 pages long (750 to 1,000 words), and well researched. You need to use a minimum of five references. Three of your references must be from the reference materials listed in the lesson; two or more can be of your choice. You may include competitor's websites. The OCC website has bank types listed by area, which is a helpful resource. If you are going to have a state charter for your new bank, then you need to locate your state agency that charters the type of bank you are designing.
For each banking criteria or decision, explain why you chose that option. Base your decision on facts and statistics (such as per capita income in the location you chose). Be sure to identify already established competing institutions, and justify why your bank has an opportunity to draw customers from these banks.