The Millionaire Boys' Bank

De novo private bank called Fieldpoint is extraordinarily unusual. Not because of its size, certainly: It has only 30 employees. In location, it's largely obscure as well, its one-and-only office sitting inconspicuously on Field Point Road in Greenwich, CT. But it is far less the surroundings o...

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Bibliographic Details
Published in:Fortune 2010-06, Vol.161 (8), p.71
Main Author: Loomis, Carol J
Format: Magazinearticle
Language:English
Subjects:
Investors
Private banking
Startups
Wealth
Online Access:Get full text
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Summary:De novo private bank called Fieldpoint is extraordinarily unusual. Not because of its size, certainly: It has only 30 employees. In location, it's largely obscure as well, its one-and-only office sitting inconspicuously on Field Point Road in Greenwich, CT. But it is far less the surroundings of the bank than its remarkable provenance -- those 31 people who started it -- that makes Fieldpoint unique. These founders are for the most part a who's who of business, many retired, some not, and two-thirds having a link to Merrill Lynch. The founders had one big fact going for them as this enterprise got started: They were millionaires, irrefutably so, because each put up either $1 million or $2 million to capitalize the bank, contributing a total of $35 million. Today, two years after Fieldpoint's start, Daniel Donahue, chairman and CEO, says that about 30% of the bank's business comes from its founders and about 70% from the general public.
ISSN:0015-8259