Organizers of Nova Bank in Huntsville, Ala., have received conditional approval from the Federal Deposit Insurance Corp.
The FDIC signed off on plans for the de novo bank on Tuesday, provided the founders can raise $21.7 million of initial capital.
Organizers originally applied with the FDIC in mid-2021 but withdrew the application in April 2022. They resubmitted their application last August after “strengthening” the proposed bank’s management team.
Marc Minish, a former FDIC examiner and one of the proposed bank’s 16 organizers, will serve as chief credit officer. Dwight Rice, another organizer, would serve as chairman.
The bank plans to target small real estate investors, high-net-worth entrepreneurs, homebuilders, homebuyers and community supporters, the new application said.
Nova is the second de novo to secure FDIC approval this year. The agency signed off on Icon Business Bank in late January.