Organizers of the proposed New South Bank in Tampa, Fla., aim to raise at least $23 million before opening the bank.
The group said in a regulatory filing that it could sell up to $45 million in stock. The goal is to be profitable in the second year and to have $250 million of assets the following year, along with $225 milion of deposits and $180 million of loans.
New South is being positioned as a full-service commercial bank focused on small businesses, owner-operated enterprises, family-owned companies, and professional practices, with particular emphasis on Small Business Administration lending.
The 10 named insiders have collectively agreed to buy 309,000 shares for $3.1 million, or a roughly 12.4% stake.
Kennard Page, proposed chairman and CEO, spent more than 35 years at the Office of the Comptroller of the Currency, retiring as assistant deputy comptroller for the agency’s North Florida field office. After leaving the OCC, he was president and CEO seat at Lafayette State Bank in Mayo, Fla. He later founded KLZ Investments, a bank consulting firm.
New South’s outside directors include Charles Race, who was a national bank examiner in the OCC’s Tampa office from 2016 to 2025, and Jeffrey Cathey, a Navy veteran who formed and led Bank of America’s Military and Veterans Affairs organization from 2008 until his 2022 retirement.