Organizers of Locality Bank in Fort Lauderdale, Fla., has started raising the funds needed to open the proposed bank.
The group said in a press release Thursday that it has $19 million in commitments from local business leaders. The organizers have set a goal of $23 million in initial capital.
“Our founders, organizers and directors are some of the most notable business leaders in the community and we are looking forward to presenting the opportunity, to own the bank you do business with, to other local business owners and investors,” Keith Costello, the proposed bank’s CEO, said in the release. “Our mission is to empower local businesses to maximize their potential.”
The bank plans to offer commercial banking, commercial real estate lending, Small Business Administration loans, and deposit and business treasury services.
Organizers announced plans for the bank in March.