FDIC approves application for Florida de novo bank

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Organizers of Coastal Community Bank in Hollywood, Fla., are one step closer to opening.

The Federal Deposit Insurance Corp. approved the group’s application on March 13 on the condition that it raises $19.5 million in initial capital.

Hollywood is located about 25 miles north of Miami.

Coastal Community's organizers refiled their application with the FDIC on July 5. The group had originally planned to raise $22 million.

The proposed bank's CEO will be Joe Dorsey, a former chief operating officer at Calusa Bank and Community Bank of Broward. Jim Afflerback is set to become chief operating officer, and Anthony Fabiano will serve as chief financial officer.

“We are launching … out of a sincere belief that good banking is synonymous with good relationships,” organizers said on the proposed bank's website. “As we renew old friendships and customer connections, we are introducing advanced banking solutions that will bring value-added services.”

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Community banks De novo institutions Capital Florida FDIC