The Bank Slate


Proposed Miami de novo secures approval from state regulator

A de novo bank planned in Miami has received approval from its state regulator.

Florida’s Office of Financial Regulation has signed off on BankMiami, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers, who submitted applications earlier this year, still need approval from the Federal Deposit Insurance Corp.

“We continue to welcome strategic investors who will share our pride in creating a new bank that reflects the highest standards of our community,” Usategui wrote in her post.

Organizers plan to raise $32.5 million of initial capital. BankMiami is expected to have $390 million of assets, $354 million of deposits and $272 million of loans by the end of its third year. It should be profitable in the third quarter of its second year of operation.

Usategui was chief financial officer of Professional Bank when it was sold to Seacoast Banking Corp. of Florida. She then served as Seacoast’s chief strategy officer, leaving the bank in September.

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