Organizers of the proposed Gainey Business Bank in Scottsdale, Ariz., have finally applied with the Federal Deposit Insurance Corp for deposit insurance.
The group submitted an application with the FDIC on Monday. The application wasn’t immediately available.
It has been more than two years since the proposed bank’s organizers received approval from the Arizona Department of Financial Institutions to start raising capital while they completed a charter application.
The group said in July 2018 that it planned to raise $11 million to $13 million.
Jim Unruh, the bank’s proposed vice chairman, said at that time that the de novo would focus on small and midsize businesses around Scottsdale. Organizers began planning the new bank in 2017.
Joe Stewart is expected to serve as the bank’s president and CEO. He has more than 35 years of banking experience, including eight years running JPMorgan Chase’s Arizona operations.
