Georgia group secures conditional FDIC approval for de novo bank

Organizers of the proposed Private Bank & Trust in Gainesville, Ga., have received conditional approval from the Federal Deposit Insurance Corp.

The group must raise $19 million of capital before the bank can open.

Organizers said in the application to form the bank that they were targeting at least $27 million in initial capital. Private Bank is being positioned as a high-touch, relationship-driven institution focused on small businesses, professionals and affluent households.

Private Financial would serve as the holding company for the proposed bank. Organizers plan to have $212 million of assets by the end of the bank’s third year.

Gregory Barrett would serve as president and CEO. Barrett was an organizer and executive at Chattahoochee Bank of Georgia, which was 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.