You Can Open A Bank
Starting your own bank is laborious but profitable.
By: John Churchill
The financial crisis may turn out to be a blessing for Michael Wagner, a 37-year-old financial advisor with Joseph Gunnar & Co., a broker/dealer based in downtown New York City. Wagner is in the process of opening two nationally chartered banks, one in Nassau County, Long Island, the other in upstate New York. In the current environment, it can take about two years and $2 million to find qualified organizers, management and get approved by government regulators. (And before you take in depositors' cash, you have raised millions in seed capital from investors.) And yet, despite the credit crisis, this is the ideal time to start a bank. Or so say the people who help people start banks.
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