Organizers of the proposed Integro Bank in Phoenix have received conditional approval from the State of Arizona Department of Insurance and Financial Services.
The group must raise at least $27.9 million in capital. The effort also needs approval from the Federal Deposit Insurance Corporation to obtain deposit insurance.
“With this state regulatory approval representing a major milestone, our team is now focused on collecting the remaining funds from our investor pipeline so that we can open the bank,” Thomas Inserra, the proposed bank’s CEO, said in a Wednesday press release.
“Our mission of helping small businesses grow and increase employment is about to begin, so stay tuned for future announcements of our opening,” Inserra added.
Integro hopes to open in mid-2022.