The Federal Deposit Insurance Corp. has given conditional approval to another proposed Florida bank.
Organizers of the planned Gala Bank in Ocala, Fla., must raise $11 million in capital before the bank can open. They filed their application in April 2023.
A public notice tied to the original application listed 13 organizers: Dennis Baxley, Larry Cheshire, Digvijay Gaekwad, William Gaston III, Roger McKellar, Matthew Gray, Richelle Pace, Himanshubhai Patel, Paresh Patel, Ramabhadran Vasudeven, Carl Walls, Thomas Williams and Tommy Word.
The approval comes less than a month after the FDIC signed off on the proposed BankMiami, which must raise $31.3 million to open.