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\n<\/p><\/div>"} Create a business summary plan. A financial projection is required during the charter application process. This may require a three to five year business plan and projection. You need to demonstrate that a new bank would profit. Showing the plans for growth shows investors what they can expect as a return on their investment (ROI). Before you can open a bank, you have to prove you've done research into your competitor's businesses and that you can either come up with a comparable product or somehow provide a beneficial service no one else has thought up

yet. Hire a legal team. Opening a bank can be a very arduous and confusing process with many legal regulations that must be followed and applications that must be filed. Hiring someone familiar with this process can expedite your preparations and help you cover all your bases. Establish a risk management infrastructure. This must be done before the bank is opened. A risk management structure "identifies, measures, monitors, and controls the risks involved in an institution's various products and lines. These risks include, but are not limited to, credit, market, liquidity, operational, legal, and reputational risk."[5] X Research source Hire the best people who know how to assess for risk and keep policy and procedures in place that keep your employees aware of the next scheme, fraud, or bad decision. Hire a public face. A community reinvestment specialist responds when your bank is called to show how the bank is contributing to the community. They must be knowledgeable of the rules and regulations in place and be able to respond appropriately to concerns for the bank. They must also report in their meetings with you the ways in which the bank would be appropriately steered toward

investment efforts. Apply for all charters. These include both federal and state legal charters. The Office of the Comptroller of the Currency grants federal documents. You can find a list and instructions on the OCC website. The state can issue the state charter. A bank must also be approved for deposit insurance by the Federal Deposit Insurance Corporation.[6] X Research source Find a place. Now that you have completed all the initial steps and gotten your bank approved, you need to find a suitable place. It's of vital important for you to familiarize yourself with all potential customers and competitors around you. Find a place with smooth traffic. Choose a position with a great deal of markets and residential buildings. Seek out a location with other competitive bank as little as possible. Purchase the space. Since you have found an appropriate place, you need a place to establish your bank. Make sure there is enough room for: At least three personal banker offices A seating area An inside teller area A drive-thru teller A vault. This can be accessible to both the tellers and deposit box customers, or the bank can house separate vaults. The vault needs to be far into the bank,

not near the door. An internal and an external ATM A security guard station {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/6\/69\/Run-Your-Own-Bank-Step-6-Version-2.jpg\/v4-460px-Run-Your-Own-Bank-Step-6-Version-2.jpg","bigUrl":"https:\/\/www.wikihow.com\/images\/thumb\/6\/69\/Run-Your-Own-Bank-Step-6-Version-2.jpg\/v4-760px-Run-Your-Own-Bank-Step-6-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":760,"bigHeight":570,"licensing":"