Another new bank proposed for Atlanta
Atlanta is becoming a hotbed for de novo activity.
Organizers for Craft Bank filed an application on Thursday with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available.
The organizers, operating as RBM Organizer Group, submitted a trademark application for the Craft Bank name in June.
Ross Mynatt is expected to serve as the bank's CEO. Mynatt once managed the residential construction and mortgage departments at Cornerstone Bank.
Two other Cornerstone bankers will join the de novo's management team. Kitty Kendrick will serve as chief financial officer. Beth Martin, as chief experience officer, will handle shareholder relations and vendor management, among other things.
Greg Griggs, a former banker at Highland Commercial Bank, will serve as chief lending officer.
The board will include 11 outside directors, including Marc Greene, a former president and CEO at Mountain Community Bank, and Paul Masters, a former director at Brookhaven Bank.
Mynatt said organizers are planning to raise $22.5 million to $30 million in initial capital.
The bank would be headquartered north of downtown Atlanta, near the Loring Heights neighborhood, according to a brief description on the FDIC’s website.
Several Atlanta-area banks are being planned.
Tandem Bank in Tucker opened in May. Organizers launched Loyal Trust Bank in Johns Creek in August.
"It has been 11 years since a new bank was formed inside Interstate 285," Mynatt said. "About 10 years ago, there were 27 banks based inside the perimeter. Now there are just five."
Craft Bank also plans to use technology to differentiate itself from other community banks. Bankers will be equipped with tablets and a secured VPN that will allow them to open deposit accounts and handle commercial loan requests outside of the office.
The bank also plans to have a loan portal that will allow applicants to check on the status of their loan applications. Craft Bank also plans to advertise the average approval times for Small Business Administration loans on its website.