The organizers of the proposed Private Bank & Trust plan to raise at least $27 million in initial capital.
The group recently applied to open the bank in Gainesville, Ga. Private Bank is being positioned as a high-touch, relationship-driven institution focused on small businesses, professionals and affluent households.
Organizers expect up to three-fourths of banking activity to originate in Hall County, according to the application with the Federal Deposit Insurance Corp.
Private Financial would serve as the holding company for the proposed bank.
Gregory Barrett would serve as president and CEO. Barrett was an organizer and executive at Chattahoochee Bank of Georgia, which eventually sold to Entegra Bank. Brian Daniel, a Gainesville business owner, would serve as chairman.
Daniel and Wendell Starke are each expected to own at least 10% of the bank’s shares.
Organizers plan to have $212 million of assets by the end of the bank’s third year.