Watermark Bank in Oklahoma City has received regulatory approval to open.
The Federal Deposit Insurance Corp. approved the de novo's application on Sept. 5, an agency spokesman said.
Matthew Pollock, who is set to be the bank’s president and CEO, said the group has also received approval from state regulators. Organizers expect the bank to open in early 2019.
“The enthusiasm and feedback from the community have been exceptional and we are very pleased with the approval process,” Pollock said.
“I believe that is a testament to a well thought out business plan with an experienced team and board," Pollock added. "We continue to hear from businesses and entrepreneurs about their desire to have a relationship with a locally owned bank that can provide sophisticated technology and a great client experience.”
The group has raised more than $20 million, Pollock said. Organizers are finalizing vendor contracts, finishing the office space and adding employees before the bank officially opens.
Pollock recently served as a regional president at SNB Bank, a unit of Simmons First National in Pine Bluff, Ark.
