Organizers of Gainey Business Bank in Scottsdale, Ariz., have secured conditional approval from the Federal Deposit Insurance Corp.
The group must raise $15 million in initial capital before opening, according to the Aug 12 order.
Gainey’s organizers received approval from the Arizona Department of Financial Institutions in 2018 to start raising capital. They applied with the FDIC in January.
Joe Stewart is expected to serve as the bank’s president and CEO. He recently was the Arizona market president for Bankers Trust, and he was the chairman and CEO of JPMorgan Chase Arizona from 2007 to 2014.
The FDIC has granted conditional approval to eight de novo efforts in 2021. Five of those banks – Cypress Bank & Trust, Integrity Bank for Business, Climate First Bank, Genesis Bank and First Bank of Central Ohio – have opened.
Nine banks have opened this year. The others are FWBank, RockPoint Bank, Riverside Bank of Dublin and Square Financial Services.