Organizers of Integro Bank in Phoenix have cleared another major hurdle.
The group said in a press release that it has received conditional approval from the Federal Deposit Insurance Corp. Organizers must raise at least $27.9 million before being cleared to open.
Integro received conditional approval from the Arizona Department of Insurance and Financial Institutions earlier this month.
“Combining this federal regulatory approval with our state regulatory approval and our recently obtained bank routing number means the primary remaining item to open the bank is to close on our pending stock offering,” Thomas Inserra, the proposed bank’s CEO, said in the release.
“Our mission of helping small businesses grow and increase employment is about to begin,” Inserra added. Integro will “begin hiring the remaining positions to open the bank in preparation for our rapid launch.”
The plan is to open the bank in mid-2022.