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Opening date for Founders Bank uncertain
A Founders Bank sign already adorns the glass front door of 1 E. Market St. in downtown Leesburg, but the future of the new Loudoun-based bank is uncertain.
In June, Sidney E. Bostian, proposed president and chief executive officer of the bank, told Leesburg's Economic Development Commission that the bank aimed to open this fall. He has no estimate now as to when the bank will open.
“We've had some things slow down recently, but I can't really say any more than that,” said Bostian, when reached by phone on Dec. 17. Founders has a lease on the Market Street building, which formerly housed Leesburg Today.
According to David Barr, of the Federal Deposit Insurance Corporation, the bank received approval from the regulatory agency on Oct. 30. Barr said Founders has one year to open before its approval expires.
He added the approval required an extensive review of the bank's financial backing.
“We make sure [funding] is tangible, not just smoke and mirrors,” Barr said. According to the FDIC application submitted in December 2006, the bank sought $25 to $35 million of initial capital from private investors.
The Office of the Comptroller of the Currency, another agency that must approve the bank's formation, confirmed that Founders received preliminary approval in August.
Founders would be the second Loudoun-based bank. The first, 83-year-old Middleburg Bank, commands much of Loudoun's market share, with more than $520 million deposited in its eight branches.
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