A group in Delafield, Wis., is looking to form a bank.
Organizers of the proposed Virtue Bank applied on Friday with the Federal Deposit Insurance Corp. for deposit insurance.
The bank would operate as a unit of Digital First Bancorp.
“The bank is being established to serve the financial needs of the local communities in which it resides,” the group said in its application. “Additionally, it is expected that the bank will have a national reach due to the proposed digital capabilities of the financial institution.”
The organizers are Jon Lancaster, Michael Moderski, Michelle Toll, Adam York and Brian Watterson.
Moderski, who would serve as the bank’s CEO, said the group plans to raise $35 million in initial capital.
Moderski is a former president and chief operating officer at McFarland State Bank, according to his LinkedIn profile.