A group of Black business owners is looking to form a bank in Columbus, Ohio.
Organizers of Adelphi Bank filed an application with the Federal Deposit Insurance Corp. on Monday for deposit insurance.
The proposed bank would be located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in the city, according to the Columbus Dispatch.
Organizers intend to apply for Adelphi to be a minority depository institution. The plan is to raise $20 million in initial capital.
“The bank will strive to meet the banking needs of minority population and minority-owned business in its target market, including the growing number of African-Americans in the minority census tracts surrounding the Bank’s head office in Columbus, Franklin County,” the application said.
Jordan Miller would serve as the proposed bank’s CEO. Kevin Boyce would be the chairman.
The Columbus area has been a popular market for de novo efforts.