A group led by banking veterans is looking to open a de novo in Edmond, Okla.
Organizers of the proposed Novus Bank applied with the Federal Deposit Insurance Corp. on March 17.
The group began planning the bank about a year ago, said Jim Canton, who is expected to serve as chairman and CEO. The management team would also include Jason Casey as president, and Mel Barnes as chief operating officer.
Novus is looking to raise $30 million of initial capital to fund its growth over the first three years. The goal is to open the bank in early November.
Areas of focus would include health care, commercial real estate, asset-based lending, and women-owned businesses. Canton noted that about half of the founding directors are women.
Canton and Casey worked at two banks together, including First Commercial Bank, which was sold to Southwest Bancorp in 2015. Barnes and Canton worked together at Oklahoma State Bank.
While Barnes has experience in cannabis banking, Canton said there are no immediate plans to pursue that business line. While it can be a deposit-rich business, he said the de novo shouldn’t have any problems bringing in low-cost deposits.
Novus recruited directors “based on the skills we think each can bring to the board,” Canton said, adding that expects to hand over the chairman role to another director at some point. In terms of capital, Novus could look to raise more after opening if it sees growth opportunities.