A proposed bank in Miami has received conditional approval from the Federal Deposit Insurance Corp.
Organizers of BankMiami must raise $31.3 million before opening the bank, according to the FDIC’s approval.
Florida’s Office of Financial Regulation signed off on BankMiami in July, Mary Usategui, the proposed bank’s CEO, disclosed on her LinkedIn account. Organizers submitted applications earlier this year.
“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.
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.
The FDIC has given conditional approval to six organizing groups this year.