Geoffrey Hesslink: Financial Services Champion of the Year
by Small Business Administration As a seasoned banker, Geoffrey Hesslink is passionate about empowering business owners through access to capital and strategic partnerships. It’s no surprise then that he would conceive of and create his own bank. Recently named SBA Vermont’s 2024 Financial Services Champion of the Year, Hesslink’s efforts to bolster capital flow to Vermont businesses through Bank of Burlington have not gone unnoticed.
Before founding Bank of Burlington, Hesslink served as president and CEO at Merchants Bank until its acquisition in 2017 by Community Bank System of Syracuse, New York. Bank of Burlington, a local commercial community bank, offers credit products to small and midsized businesses and municipalities, along with deposit products for these groups and individuals.
Photo: Bank of Burlington CEO Geoffrey Hesslink leads a meeting of bank employees. Courtesy photo.
Hesslink’s vision for a new bank crystallized in 2020, but the pandemic forced a pause. In 2021, the time was finally right. By June 2021, Hesslink led a group of 19 local businesspeople to establish the first new local Vermont bank in 30 years — the only one headquartered in Chittenden County. Successfully raising $33 million in local capital, they launched Bank of Burlington in August 2022, dedicated to superior local service and economic development within the state.
Hesslink and his team recognized the need for a local bank in Chittenden County, a void left by mergers and departures over time.
“Local matters,“ Hesslink said. “Local banks can provide credit to businesses in a very efficient way.“
Bank of Burlington stands out with its technology platform and unparalleled service.
“We are faster, more responsive and offer direct access to executive management,“ Hesslink explained. “Clients have my mobile number; they talk directly to decision-makers. We customize financial solutions, using our discretion and local market understanding to their advantage.“
Photo: Bank of Burlington CEO Geoffrey Hesslink leads a meeting of bank employees. Courtesy photo.
The bank’s founders and investors have been instrumental in shaping its journey and trajectory.
“The 19 founders are Vermont businesswomen and men who believed in the need for a local bank,“ Hesslink said.
Remarkably, they raised the necessary capital in under a month, surpassing most new banks’ timelines.
Bank of Burlington has already exceeded its growth expectations. “This is encouraging,“ Hesslink. “It confirms the need for a local bank, a need we identified and have successfully filled.“
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