A proposed bank in Columbus, Ohio, has received conditional approval from the Federal Deposit Insurance Corp.
The FDIC approved deposit insurance for Adelphi Bank, a de novo planned by a group of Black business owners. Organizers, who initially filed with the FDIC last fall, will need to raise about $17.7 million before the bank can open.
The proposed bank, which is looking to become a minority depository institution, would be located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in the city.
“The bank will strive to meet the banking needs of minority population and minority-owned business in its target market, including the growing number of African-Americans in the minority census tracts surrounding the Bank’s head office in Columbus, Franklin County,” the group said in its FDIC application.
Jordan Miller would serve as the bank’s CEO. Kevin Boyce would be the chairman.
The Columbus area has been a popular market for de novo efforts. Ohio State Bank opened in Bexley in April 2019.
Riverside Bank of Dublin opened in February, and First Bank of Central Ohio opened in Worthington debuted two months later.