Founders Bank launched in the middle of the pandemic last year, and the D.C.-based bank is eyeing an expansion into Alexandria and Northern Virginia in the next several years.
That’s according to Founders Bank President Martin McCarthy, who told ALXnow that his tech-heavy brand is geared toward online-only banking.
“We definitely intend to grow into the Alexandria market,” McCarthy said. “We will likely have other branches in the future, but we’re going to be very branch-light. We could have one downtown, and one in Northern Virginia in the next five years or so.”
Like many of the members of his 18-person staff, McCarthy previously worked at Georgetown Bank before it merged with United Bankshares Inc. in 2016. He says he founded the bank after the region saw a drastic reduction in the number of local banks after decades of consolidation. It has since grown to more than $100 million in assets, he said.
“What we’re trying to do is fill what is a gaping void in the banking market in the D.C. area,” McCarthy said. “There is a huge level of disruption, and there’s a huge level of frustration among those who deal with community banks in the D.C. area… We are looking to do business with small and medium sized businesses in the D.C. Metropolitan area, and with the people that run those businesses.”
McCarthy said that opening during the pandemic proved to be challenging, forcing the bank to focus on technology so that customers could open accounts and close loans completely remotely.
“We also were able to open up at a time where we had no loans on our books that were negatively impacted by what the COVID environment was doing to a number of the different businesses in the area,” McCarthy said. “So, we had a very clean slate, and were able to come out of the gate knowing what the challenges were that we had to underwrite for as we began our growth.”
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If you had a chance to enhance a child’s future with a time commitment of less than 2 hours a week, how would you respond? You have that opportunity right now to join over 200 Alexandrians as a reading tutor volunteer with the Alexandria Tutoring Consortium (ATC).
ATC tutors work with one child in kindergarten, first, or second grade in Alexandria public schools who need extra help with reading. Tutors meet with their Book Buddy 1-2 times each week for 30 minutes October-May at school, during school hours. Many struggling readers only receive one-on-one instruction through this program, and it makes all the difference. Last year, ATC served 195 children, of whom 82% ended the year reading on grade level and 96% made substantial reading gains. But the need is great, and we are still seeing learning lags from the pandemic.
This year, ATC plans to significantly increase the size of the program to reach over 250 students and to serve every elementary school in Alexandria. This is very exciting news, but we will only succeed if we can recruit more tutors. ATC trains you, matches you with a child, and provides ongoing lesson materials and support.
If you have been thinking about buying your first home or haven’t owned one in the last three years, THIS IS FOR YOU!
In the DMV area, it can be difficult to save the downpayment necessary for you to get into your own home. We have a solution. The Funder’s Summit!
We have assembled a summit with different municipalities to tell you how to access their funds for your home purchase.
Mark your calendars and join us for the Family Fun Fall Fest on Saturday, October 7, 2023, from 11am – 2pm!
This FREE in-person event will be held at the Shoppes at Foxchase, located at 4641 Duke St, Alexandria, VA