Adelphi Bank, a black-owned de novo in Columbus, Ohio, is poised to become the first bank to open in 2023.
The bank was cleared to open by the Federal Deposit Insurance Corp. on Jan. 18. Organizers were required to raise about $17.7 million when they received conditional FDIC approval last May.
The group initially filed an application with the FDIC in the fall of 2021.
Adelphi, a minority depository institution (MDI), is located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in Columbus.
“The bank will strive to meet the banking needs of the 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,” the group said in its FDIC application.
Jordan Miller, former president of Fifth Third Central Ohio, is the bank’s CEO.
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 and First Bank of Central Ohio opened last year.