Organizers of the proposed Locality Bank in Fort Lauderdale, Fla., have received conditional approval for deposit insurance from the Federal Deposit Insurance Corp.
The FDIC is requiring the group to raise $23 million before opening the de novo, according to the Nov. 1 order.
Locality’s organizers announced plans for the bank in March.
The group said in August that it had secured $19 million in commitments from local business leaders.
Keith Costello is set to become the bank’s CEO when it opens.