Commercial lender Piermont Bank- the first new state-chartered lender in New York in more than a decade- has launched operations.
The bank made the move after securing the green light from the New York State Department of Financial Services and Federal Deposit Insurance.
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The bank said that it has raised the required funding.
Piermont looks to target small and medium-size businesses, who are not effectively serviced by large banks and community banks.
The bank’s integrated and digitised platform aims to phase out paperwork and departmental silos.
The bank is founded by senior bankers, who have extensive experience in catering to businesses in the Greater New York region.
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By GlobalDataIt will be led by Wendy Cai-Lee as the president and CEO.
Cai-Lee previously worked as the executive vice president of East West Bank.
Commenting on the new bank, Cai-Lee said: “We can turn around commercial loans from application to funding in a much-reduced timeframe than what you typically would experience.
“We are combining the best of two worlds – we automated and digitised everything non-client facing and invested outsized human resources in client-facing functions.
“This approach allows us to deliver services the old-fashioned way with a fully dedicated relationship adviser, one meeting at a time, with greater time and cost efficiency. There are no 800 numbers for our customer to navigate; we strongly believe this is a people business.”
