Nova Bank, a bank proposed for Huntsville, Ala., has raised $29 million in initial capital.
Mark Minish, who would serve as the de novo’s chief credit officer, shared the news on his LinkedIn account. There is still no timeline for the bank’s debut.
Organizers originally applied with the Federal Deposit Insurance Corp. in August 2021.That application was withdrawn in April 2022; the group refiled a few months later after revamping the proposed bank’s management.
Shad Williams, a former CEO at Cheaha Bank, would serve as Nova’s CEO. Matt Davis, a former commercial banker at SouthState Bank, is set to become president.
The bank received conditional approval from the FDIC in March. The order required organizers to raise $21.7 million in initial capital.