TriState Capital Bank is one of the newest banks to have entered the Pennsylvania area, but with the biggest bank start-up capital in the state’s history to the tune of $100,000,000, it has definitely made its mark. Only in business since early 2007, this branch-less bank has managed to stay afloat in a crippled economy that has essentially shut down its competitors.
How did this recent start-up get such a great start?
It helped that it was founded by true veterans of the banking industry. Its CEO, James Getz, recruited banking pros A. William Schenck, III who was formerly Pennsylvania’s Secretary of Banking, as well as CEO of Fleet Mortgage Group, Inc. and has over 30 years of experience, and Mark L. Sullivan, who was a co-founder of Ernst & Young’s Global Automotive Center and has 35 years of experience. Schenck and Sullivan now serve as president and vice chairman/CFO, respectively.
What made TriState Capital stand out from other banks was its decision to forgo a network of retail branches and instead function primarily via the Internet. Also, it made its agenda to target middle-market companies. It’s business model has worked well so far and has resulted in a promising future in New Jersey, Ohio, and Pennsylvania, the three states in which it has offices, and beyond.