Houston group snags conditional FDIC approval for Alba Bank

Organizers of the proposed Alba Bank in Houston have received conditional approval from the Federal Deposit Insurance Corp.

The group must raise $37 million before the bank can open.

Organizers applied to the FDIC in March. A legal notice tied to the application lists five organizers: George Martinez, Richard Figueroa, William Woodby, Gregg Reyes and Thomas Reiser.