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A Private Bank for Aging BSDs

Forget about stashing your cash with Bank of America, JPMorgan or Citigroup. The real grandfathers of finance take their dough to Fieldpoint Private Bank & Trust. The Greenwich institution was founded by some ex-Merrill Lynch execs, including Dan Tully and David Komansky, in 2008 as a place where senior BSD's can get the top notch service they deserve.

Forget about stashing your cash with Bank of America, JPMorgan or Citigroup. The real grandfathers of finance take their dough to Fieldpoint Private Bank & Trust. The Greenwich institution was founded by some ex-Merrill Lynch execs, including Dan Tully and David Komansky, in 2008 as a place where senior BSD's can get the top notch service they deserve.

Those who have the wherewithal to bank with Fieldpoint include James Kilts, former CEO of Gillette; private equity pioneer Jerome Kohlberg; John “Launny” Steffens; former Home Depot CEO Bernie Marcus; Ken Langone and Joe Grano. (No, you can't play Dick Fuld and Stan O'Neal)

The bank, which now has $345 million in assets, offers premium services including helping former Time Inc. honcho Reginald Brack refinance his daughter’s apartment, among other things.

The bank helped him revise an outdated estate plan, refinanced his daughter's apartment, put him together with outside money managers he likes, and holds a lot of his cash. Like many relatively small banks, Fieldpoint sometimes turns over deposits above $250,000 (the current FDIC insurance limit) to the Certificate of Deposit Account Registry Service (CDARS), which spreads the excess among its network of banks. Because the CDARS system helps to attract deposits, Brack calls it our "electric toaster."

The Millionaire Boys’ Bank [Fortune]

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