Organizers of CommerceOne Bank in Birmingham, Ala., have received regulatory approvals to move forward on opening the state’s first de novo since 2007.
The Federal Deposit Insurance Corp. approved the organizers’ plans on March 21. CommerceOne received approval from the Alabama State Banking Department on March 14.
The FDIC said in its approval that CommerceOne, which plans to serve small and midsize businesses around Birmingham, must raise at least $30 million in initial capital. Organizers have not established a bank holding company.
The group has ties to First Partners Bank in Birmingham, which was recently sold to Progress Bank. Kenneth Till, First Partners' former chief financial officer, will serve as CEO of CommerceOne. Till also spent 16 years at Regions Financial, according to his LinkedIn page.
As a new bank, CommerceOne will be under heightened regulatory scrutiny for the first three years. For instance, it must seek approval from the FDIC’s Atlanta regional director before adding directors or senior executives. It also has to let the FDIC know of plans to open loan production offices during the first three years.