Evermore Bank is ready to open in Fort Lauderdale, Fla., after raising $25 million of initial capital.
The proposed de novo plans to open on Friday, according to the South Florida Business Journal.
Organizers, which originally outlined plans to raise $26 million to $45 million, 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 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, a former market president at Grove Bank & Trust, would serve as the bank’s CEO.
Organizers received conditional approval from the Federal Deposit Insurance Corp. in July.