Question 1

What is Modern Bank?

Accepted Answer

Modern Bank is a commercial national bank headquartered in New York City that operates under the brand name Modern Banking Group (MBG). The bank specializes in serving entrepreneurs and middle-market businesses with a focus on commercial real estate lending, commercial and industrial lending, and sophisticated cash management solutions.

As of March 2024, Modern Bank holds approximately $964 million in total assets and operates with a digital-first approach that emphasizes personalized service without relying on traditional retail branch networks. The bank is a subsidiary of Modern Bank Management LLC and is supervised by the Office of the Comptroller of the Currency (OCC).

Question 2

When was Modern Bank founded?

Accepted Answer

Modern Bank was originally established on January 1, 1977, as Union Chelsea National Bank in New York City. The bank underwent several transformations throughout its history, including the acquisition of Chelsea National Bank and a subsequent rebranding.

In 1997, the institution changed its name to Excel Bank, National Association. The bank adopted its current identity, Modern Bank, National Association, on December 27, 2005, marking a strategic shift toward its modern, entrepreneurial-focused banking model. This evolution reflects the institution's commitment to adapting to changing market needs while maintaining its roots in New York City's financial landscape.

Question 3

Where is Modern Bank headquartered?

Accepted Answer

Modern Bank is headquartered at 410 Park Avenue, Suite 830, New York, NY 10022. The bank's main office has relocated several times throughout its history to optimize its operations.

Previous locations included 400 Park Avenue (2005), 667 Madison Avenue (2006), and 250 West 55th Street (2014) before moving to its current Park Avenue location in June 2019. The headquarters is situated in the heart of Manhattan's financial district.

Question 4

Where does Modern Bank operate?

Accepted Answer

Modern Bank primarily operates in the New York metropolitan area, with a specific focus on Kings County and New York County (Manhattan and Brooklyn). The bank's assessment area is part of the New York-Jersey City-White Plains, NY-NJ metropolitan division.

As of 2024, Modern Bank operates two offices in New York and recently received approval to open a new branch in Woodcliff Lake, New Jersey (Bergen County), which became effective in March 2025. The bank also maintains a loan production office in Dallas, Texas, specifically for commercial energy lending. Despite its physical footprint, the bank serves commercial clients nationwide through its digital banking platform.

Question 5

What services does Modern Bank offer?

Accepted Answer

Modern Bank offers a comprehensive suite of commercial and consumer banking services tailored for entrepreneurs and businesses:

Commercial Banking Services:
• Commercial real estate loans for sponsors in the New York and tri-state region, including cash flow-based financing and bridge/transitional loans
• Commercial and industrial lending for leveraged buyouts, add-on acquisitions, growth initiatives, and working capital
• Comprehensive treasury management solutions including online banking, cash management, remote deposit capture, and ACH origination
• Wire transfers and bill pay services

Consumer Banking Services:
• Modern Checking accounts
• High-yield money market accounts
• Savings accounts
• Certificates of Deposit (CDs)
• Online account opening capabilities from any device

Digital Banking Services:
• Sophisticated mobile banking app (MBG Business and consumer apps) available on iOS and Android
• Remote deposit capture using mobile devices
• Real-time account balance and transaction history monitoring
• Fund transfers between accounts
• User access management and transaction limits
• Direct messaging with Branch Services team
• Digital-first platform that eliminates the need for traditional branch visits

Question 6

What makes Modern Bank unique?

Accepted Answer

Modern Bank distinguishes itself as a bank "Built by Entrepreneurs. For Entrepreneurs." This positioning reflects several unique characteristics:

Digital-First Philosophy: Unlike traditional banks, Modern Bank operates with minimal physical branches, instead leveraging a sophisticated technology platform that passes cost savings directly to clients. This approach allows entrepreneurs to spend more time managing their businesses rather than their banking relationships.

Personalized Commercial Focus: The bank combines the sophistication and resources of a major financial institution with the agility and flexibility of a nimble mobile bank. This hybrid model enables quick response times and customized solutions without the bureaucracy typical of larger institutions.

Entrepreneurial Understanding: As a bank created by entrepreneurs for entrepreneurs, Modern Bank emphasizes bespoke solutions, high-touch service, and innovative products specifically designed for business owners and high-net-worth individuals.

Cash Flow Lending Specialization: The bank has developed particular expertise in cash flow-based commercial lending, serving middle-market businesses with tailored financing solutions that support growth and expansion.

Question 7

What type of financial institution is Modern Bank?

Accepted Answer

Modern Bank is a national commercial bank chartered under federal law and supervised by the Office of the Comptroller of the Currency (OCC). The bank holds a national banking charter (Charter Number 16629) and is a member of the Federal Reserve System.

The OCC designated Modern Bank as a wholesale bank for Community Reinvestment Act (CRA) purposes in 2011. This classification reflects the bank's business model, which focuses primarily on serving commercial clients, high-net-worth individuals, and businesses rather than retail consumer banking.

As a wholesale bank, Modern Bank is evaluated under the CRA community development test, which assesses its record of helping meet community credit needs through qualified investments, community development loans, and related services. The bank received an "Outstanding" CRA rating in its March 2021 evaluation and a "Satisfactory" rating in its February 2024 evaluation.

Modern Bank

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About Modern Bank in the United States