Proposed Colorado bank nears 60% of fundraising goal

A proposed bank in Avon, Colo., continues to make progress on its fundraising goal.

Battle Financial disclosed on LinkedIn that it brought in $1.8 million by issuing convertible debt in January. Organizers have now raised nearly $8.8 million, nearing 60% of their goal.

The group first applied for deposit insurance in March 2022, outlining a plan that included dealing in precious metals and offering deposit swap services to registered investment advisers. Frank Trotter, a former founder of Everbank, would service as the proposed bank’s president.

Battle Financial received conditional approval from the Office of the Comptroller of the Currency in late 2022.