Organizers of a proposed de novo bank in Phoenix have hired an investment bank to assist it with raising capital.
Integro Bank said in a press release Tuesday that it had retained PNC Capital Markets as its placement agent. The organizing group said in on its website that it is looking to bring in $26.7 million to $51.7 million in initial capital.
Organizers submitted an application in June 2021 with the Federal Deposit Insurance Corp. for deposit insurance. The bank would largely focus on small businesses.
“Our capital raise activities thus far have achieved verbal investor commitments above our minimum target primarily from local investors,” Thomas Inserra, the proposed bank’s chairman, president and CEO, said in Tuesday’s release.
“Partnering with PNC allows us to now focus on larger institutional investors to help us reach our maximum capital raise goal,” Inserra added.