The Bank Slate

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FDIC approves de novo application for Arizona bank

The Federal Deposit Insurance Corp. has given conditional approval for a group in Scottsdale, Ariz., to form Zenith Bank & Trust.

Organizers must raise $22 million in capital before the proposed bank can open.

The group behind Zenith Bank applied with the FDIC in June 2022. Organizers said in their application that they planned to register with the Federal Reserve to make Zenith Financial Holding the proposed bank’s holding company. 

Zenith Financial Holding already owns Zenith Wealth Advisors, a registered investment adviser. 

The proposed bank’s target market is small- and midsize businesses and their owners, business professionals, real estate owners and investors and high-net-worth individuals. The bank would also provide clients access to investment management services provided by Zenith Wealth Advisors. 

The application said that Daniel Thompson would serve as president and CEO. He was regional president for Arizona and California, and a member of the executive leadership team, at First Western Trust Bank. Brad Fain, CEO of Fain Signature Group, would serve as Zenith Bank’s chairman. 

Arizona has been a popular state for new banks. Several banks have opened there in recent years, including Gainey Business Bank in Scottsdale and Integro Bank in Phoenix.

The FDIC has approved three de novo applications in 2023.

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