The Georgica Bank Is Born In The Hamptons

By Debbie Tuma

A group of former Bridgehampton National Bank employees have decided to start a new venture called Georgica Bank, National Association, which they plan to open with branches in Bridgehampton and East Hampton by September.

"We feel that there are not many community banks out here, and we want to start a new commercial bank to serve the local businesses, municipalities, not-for-profits, and the related consumer businesses that come with that," said Chris Becker of East Hampton, former Executive Vice-President and COO at Bridgehampton National Bank for 19 years, who will be the President and CEO of Georgica Bank, N.A.

Becker is part of a senior team of former Bridgehampton National Bank employees who are launching the new bank. The team also includes Janet Verneuille, CFO, Sandra Novick, Chief Retail Officer, and Michael Spolarich, Chief Lending Officer. In addition, the fifth member of their team will be Christopher Sullivan, Chief Credit Officer, who is currently working at a large investment bank in New York City. Becker said there are 11 others who are part of the organizational team, who will serve as directors.

Claudia Pilato, Director of Marketing for Bridgehampton National Bank, said, "The way we look at it, change is good for everyone and we wish them the best in their entrepreneurial venture. But we're also excited about our dynamic young management team headed by our new president, Kevin O'Connor."

Georgica Bank, N.A.'s two locations will be at 2486 Montauk Highway in Bridgehampton (next door to Starbucks and Leo's Barber Shop on Main Street), and in the Hook Mill Building at 34 Pantigo Road in East Hampton. Their administrative office will be located at 2272 Main Street in Bridgehampton, farther west of Starbucks.

Becker said his branding and advertising team decided to call it Georgica Bank because, "It depicted the area, and was also a name that could travel with us."

When asked how the new Georgica Bank, N.A. will compete with Chase, North Fork, Hudson City and other area banks, Becker said, "They're the money centers and savings banks, and serve a different market. We will service the local business customers, by offering commercial lending products, lines of credit and commercial mortgages. With the savings banks, that's not their focus. With the larger banks, we don't find they have the personal one-on-one relationship we'll have with our customers."

Verneuille said that after working at Bridgehampton National Bank for 15 years, "It's just such a challenge to start a new bank. It's a great opportunity, and when I was approached, it was very tempting. We can fill a niche need because people want a personal relationship with their bank, and we can provide that. I think good service brings sales. I think that's why de-novo banks have been so successful."

Verneuille added that Georgica Bank would be a "great investment opportunity for community members, who can even become an ambassador in the bank."

Georgica Bank is now offering its common stock for sale at $10 per share through the bank's prospectus. Founding investors may subscribe to the public offering with a minimum investment of $25,000 for 2,500 shares to a maximum investment of $500,000 for 50,000 shares.

Over the next few months, in addition to meeting with prospective investors individually, they will be hosting investor presentations so that potential investors can learn more about Georgica Bank, N.A. and the investment opportunity this offering represents.

Sullivan said this new venture would be the lifestyle change he's been craving, so he can live in his East Hampton home year round. Sullivan currently works for a large investment bank in New York City, and formerly worked with Verneuille at European American Bank 20 years ago. He said, "I believe Chris and Janet are a terrific team, and I fully expect their new venture to be successful for them, for the community and the shareholders. I look forward to being their Chief Credit Officer."

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