Paul Dusenbury

VistaBank hopes to open its doors soon, as long as it can raise enough deposits. Tuesday evening's gathering at Scott Blackmon's home in West Columbia was aimed at helping to do just that. Chief lending officer Blackmon, chief executive Paul Dusenbury, second from right, and others courted a number of investors. Dusenbury talks with Jim Anderson, right, and Tony Kakolis, second from left, before the big pitch. Photo by:
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Chief lending officer Blackmon, chief executive Paul Dusenbury, second from right, and others courted a number of investors.Dusenbury talks with Jim Anderson, right, and Tony Kakolis, second from left, before the big pitch.
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Paul Dusenbury, chief executive of VistaBank, a soon-to-open lender, explains to the invited guests the merits of parking that $10,000 to $1.2 million in a startup bank.
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Scanning prospective investors, clutching glasses of wine and small plates of shrimp, Dusenbury says, "We want you to be ambassadors for the bank."
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Generally speaking, it takes at least $15 million to open a bank, Dusenbury said.VistaBank's prospectus calls for a minimum stock sale of $17 million.

The VistaBank pitch could have come from any of a half-dozen or so presidents of similar banks that have popped up during the past couple of years.In many cases, it has.

Dusenbury thinks the pitch can work, that a group of bankers and business leaders can collect between $17 million and $25 million from the public through meetings held in various Midlands dining rooms.
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Dusenbury said VistaBank wants to limit its offering to fewer than 500 shareholders to keep the shareholders tied to the community and to avoid having to follow what can be costly filing requirements with the Securities and Exchange Commission.

The bank will still file reports with the Federal Deposit Insurance Commission, among other state and federal regulators.

But Dusenbury said no shareholder will control more than 4.9 percent of VistaBank's stock, to allow as many people as possible to invest.

HITTING 100: Less than two years after opening, Aiken-based VistaBank reached $100 million in assets, its CEO Paul Dusenbury said Tuesday.