The proposed Four States Bank in Carthage, Mo., has received conditional regulatory approval.
Jeffrey Williams, the proposed bank’s president and CEO, disclosed the approvals in a LinkedIn post. He added that organizers are working towards opening branches in Carthage and Joplin, Mo., later this summer.
The Federal Deposit Insurance Corp. said in its order that organizers must raise $23.5 million before the bank can open.
The group applied in December with the FDIC, disclosing plans to open three branches.
The bank would have 11 directors: Williams, Gary Metzger, Carter Peters, Garry Robinson, Brian Williams, Jerry Ross, Steven Simon, Stephanie Stenger, Patrick Scott, Logan Aguirre and J. Ryan Hamilton.
Metzger will serve as chairman. Peters is expected to serve as chief financial officer and chief operations officer, and Cheryl Holyfield is set to become chief credit officer. The chief information officer would be Nick Lofaro.
Williams was Joplin region president at Guaranty Bank, according to his LinkedIn profile. Peters was CFO at Guaranty Federal Bancshares from August 2005 to May 2022, according to his LinkedIn profile.
Guaranty Federal was sold to QCR Holdings in April 2022.
Four State eventually plans to expand into Arkansas, Kansas and Oklahoma.