According to the WallStreet journal (non-paywalled quote on OverLawyered):

Based in a rural village in the heart of Amish country, Bank of Bird-in-Hand is the only new bank to open in the U.S. since 2010, when the Dodd-Frank law was passed and enacted. An average of more than 100 new banks a year opened in the three decades before Dodd-Frank.

Is it true that since Dodd-Frank only one new bank got formed while 100 new banks get formed per year beforehand?


It is not precisely true that there was only one new bank to open since 2010.

In addition to the bank in Bird-in-hand, Primary Bank of New Hampshire was the second De Novo bank having a new charter approved since 2010.

Also, Lakeside Bank of Lake Charles, Louisiana was a de novo bank that opened in 2010, but was approved earlier. There was also Start Community Bank of New Haven Connecticut , but its parent company previously existed.

Other banks that were not "de novo" banks also opened, and banks do not include credit unions.

For more information see the March 2015 report by the Federal Reserve Bank of Richmond, Explaining the Decline in the Number of Banks since the Great Recession. It is true that there were drastically more de novo banks every year before 2010, (see table 3 for data back to 1961).

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