The Federal Deposit Insurance Corp. has given conditional approval to a bank planned in Moultrie, Ga.
The agency is requiring the organizers of Moultrie Bank & Trust to raise $20 million before opening, according to the Dec. 13 order.
Organizers applied for deposit insurance in July.
A consultant for the group said at that time that Donna Lott would serve as the bank’s CEO, while Collin Batchelor would be the chief financial officer. Lott was an executive vice president at Southwest Georgia Bank; Batchelor previously worked at Ameris Bank.
The FDIC has approved 12 applications for deposit insurance this year. Ten banks have opened in 2021.