Organizers of the proposed Evermore Bank in Fort Lauderdale, Fla., have received conditional approval from the Federal Deposit Insurance Corp.
The FDIC is requiring the group to raise at least $25 million before opening the bank.
Organizers originally outlined plans to raise $26 million to $45 million of initial capital. They plan to open a second branch in Wellington, Fla., during the first quarter of the bank’s first year of operations.
The goal is for Evermore to become profitable by the first quarter of its third year in business. Organizers also plan to reach $235 million of assets, $215 million of deposits and $172 million of loans by the end of the bank’s third year.
Steven Sanzone would serve as the proposed bank’s CEO. Sanzone was a market president at Grove Bank & Trust from November 2019 to December 2021, according to his LinkedIn profile.
The FDIC has given conditional approval to at least six de novos this year.