FDIC approves Atlanta-area de novo
The Federal Deposit Insurance Corp. has approved an application that could bring a new bank to the outskirts of Atlanta.
Organizers of Loyal Trust Bank applied with the FDIC in March to open in the Johns Creek community.
The FDIC, in its conditional order, instructed the group to raise at least $20 million in initial capital. Organizers plan to sell 2 million shares of common stock at $10 each.
Loyal Trust, which plans to serve individuals and small and midsize businesses, aims to open this fall.
The proposed bank is the seventh de novo approved by the agency this year. The FDIC in mid-August approved the application of Silver River Community Bank in Ocala, Fla.
The FDIC signed off on 15 applications last year, though four organizing groups eventually scrapped plans for their banks.