how do you start a bank?

Question

How does someone start a bank. I understand that you have to have a shit ton of money, but how does someone actually start/open a bank of their own? Can mr joe shblow, given that he is able to come up with previously mentioned “shit ton of money”, go out and open his own bank? Obviously it takes time, but what’s the process of doing so?

In: 614

Answer 1

Let’s be fair. Best way to start a bank is to buy a bank. You get to have 1 less direct competitor, and all the initial paperwork is done.