Starting a bank from scratch might sound like a wild idea in today’s world, but for Lori Maley, CEO of Bank of Bird-in-Hand (Est. 2013) and Keith Costello, CEO of Locality Bank (Est. 2022), it was a calling. In this episode of Travillian Next, host Brian Love, Head of Banking & Fintech at Travillian, sits down with two De Novo bank CEOs who defied the odds to build something truly needed. From horse-and-buggy banking in Amish country to digital-first tools for South Florida entrepreneurs, their stories are wildly different but driven by the same thing: a deep belief in serving their communities better than anyone else could.
Catch the full conversation on YouTube, Spotify, and Apple Podcasts or read the summary below.
(00:00) Meet the De Novo Trailblazers
Brian Love opens the conversation with Lori Maley and Keith Costello, two CEOs who defied the odds by launching new banks in a post-financial crisis world.
Key takeaway: Starting a bank today may sound crazy, but for Lori and Keith, it was a necessary act of service to their communities.
(03:15) Why Bank of Bird-in-Hand Was Born
Lori shares how the Amish community in Lancaster County lost access to personalized banking after acquiring local banks. Bird-in-Hand filled that gap, becoming the first De Novo bank post-crisis.
Key takeaway: Understanding and serving unique cultural needs, like banking without photo IDs, can lead to explosive growth and trust.
(06:00) Keith’s Journey to Launching Locality
Keith reflects on his previous bank, PPP frustrations, and the consolidation crisis in South Florida. Locality was created to serve overlooked small businesses with digital-first solutions.
Key takeaway: Big banks prioritize big clients. Keith saw the opportunity to build a tech-forward community bank for the rest.
(11:50) Growth Stories: 10 Years vs 3 Years
Lori describes Bird-in-Hand’s organic growth to $1.7B in assets with no M&A—just demand, Amish word-of-mouth, and their innovative “Gelt Bus” mobile branches. Keith shares Locality’s 3-year climb to $300M with tech and capital discipline.
Key takeaway: Growth doesn’t require acquisitions, just the right mix of trust, mission, and innovation.
(18:45) Innovation: Mobile Branches vs Digital-First
Bird-in-Hand brings branches to rural areas using a fleet of banking RVs. Meanwhile, Locality built a fully digital platform using a modern cloud-based core.
Key takeaway: Innovation looks different depending on the audience, but both banks built models that meet people where they are.
(21:50) Talent in De Novo Banks
Both CEOs emphasize hiring people with passion and a founder’s mindset. Keith seeks “missionaries, not mercenaries,” and gives employees stock options. Lori looks for unicorns and has grown her team from 10 to 160.
Key takeaway: De Novos can’t out-pay big banks, so they need talent who truly believe in the mission.
(28:00) The Regulatory Gauntlet
The group discusses the sky-high capital requirements and long application timelines that discourage new banks. Keith and Lori both serve on advocacy groups to push for change.
Key takeaway: The system makes it hard to start banks and easier to sell them. That’s why De Novo advocates are fighting for reform.
(40:00) Final Thoughts: Why They Still Do It
Keith calls De Novo banking a calling, not a career move. Lori calls her bank her third child. Both agree: if you don’t love this work, you won’t last.
Key takeaway: Passion for community banking isn’t optional, it’s the fuel that keeps De Novo leaders moving forward.
