In order to meet the needs of a significant segment of the population in Lancaster County, PA, 15 people, 10 of whom were Amish men, decided their area needed a community bank. So, they did what the Amish do. They rolled up their sleeves and got to work. The Bank of Bird-in-Hand is the result of their joint venture between Amish and non-Amish investors as well as professional bankers.
Since the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010, the number of new banks in the US can be counted on one hand. Bird-in-Hand, a quaint little village in Lancaster County, was just the place for a new one. In 2013, The Bird-In-Hand Bank opened its doors. It was the first bank in the US to gain a charter in 2010, it remains the only bank in PA to open since 2008, and its growth continues.
Until the bank of Bird-In-Hand came along in 2013, many Amish found it difficult to access and utilize banking services. Most Amish have no credit scores, and they find it costly and time-consuming to physically travel to banks, and they do not utilize internet banking. Most bankers couldn't be bothered to cultivate this unique market. Their loss for sure. The Amish own significant collateral and carry little to no debt.
The Bank of Bird-in-Hand caters to the Amish by buiding horse and buggy friendly drive-up windows. They also make lending decisions the old-fashioned way - by building long-term relationships and assessing each applicant's character, collateral, and income in the context of their lives and communities. It has paid off - The Bank of Bird-in-Hand has been named one of the healthiest banks in the country.
After the backers raised $17 million to start the bank, it proceeded to open with assets of $35 million, In five years time (12/31/2018), total assets had reached $358.2 million. On 6/30/2020, total assets - $527.5 million; total deposits - $453.2 million; total net loans - $425 million; and total shareholders' equity - $57.8 million.
In addition to the stand-alone branches, mobile banking was initiated - The Mobile Branch Fleet - a 29-foot long full-service mobile bus on wheels that travels the country roads of Lancaster, Chester, and Dauphin Counties. It is known as the "Gelt Bus" ("Gelt" is PA Dutch for Money).
Amish are not the only customers, but they do make up more than 50% of the bank's deposits and loans, and many are also shareholders in the Bank. I am a part of the other 50%.
https://www.communitybanking.org/news/2019-spotlight-bank-of-bird-in-hand
https://en.wikipedia.org/wiki/Bank_of_Bird-in-Hand
http://www.hometownbanker.org/bank-of-bird-in-hand-a-different-type-of-mobile-banking/
Thank you that was refreshing.