Waterfall Bank, a de novo proposed for Clearwater, Fla., has secured conditional approval from the Federal Deposit Insurance Corp.
Organizers still need to raise $45 million before opening the bank, according to the FDIC’s Sept. 8 order.
The group behind Waterfall Bank applied with the FDIC in December.
The bank would be based in the Waterfall Building, which is operated by Waterfall Capital Investments. The company “directs the deployment of capital for a small group of family offices” with a focus on real estate, hospitality, health care and private lending, according to its website.
Waterfall Bank would operate independently of Waterfall Capital.
Kevin Darmody, the investment company’s CEO, is set to become the proposed bank’s president.
The FDIC has given conditional approval to nine proposed banks in 2021. Nine banks have opened this year.