Sort of. Dave decided he wanted to help local business get started. So he wanted to create a local bank. In short the FSA weren't interested in helping him. So he opened alternative. He can't call himself a bank. That's practically the only difference.
Since the show, he's gone from strength to strength and helped loads of companies get on their feet in Burnley with all profit he makes going to charity. It's really good. Gives you an insight at how corrupt the people in power really are and what little chance or help they give something who wants to do good.