FDIC approves Florida group's de novo application

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The Federal Deposit Insurance Corp. has approved a de novo application that could result in a new bank in central Florida.

Organizers of Silver River Community Bank in Ocala applied with the FDIC for deposit insurance in January. In its approval order, the FDIC instructed the group to raise at least $17 million in initial capital. Organizers plans to sell 1.7 million shares of common stock at $10 each.

The bank plans to serve individuals and small and midsize businesses in Marion County, offering traditional products and services.

Jon Kurtz, who is expected to be the proposed bank’s CEO, said in January that Silver River planned to open by late summer.

Separately, organizers of Founders Bank in Washington, D.C., have filed a formal application with the FDIC. The group, which is being led by former Bank of Georgetown executives, filed a draft application with the regulator this summer.

The group aims to raise $25 million and to open the bank in the first quarter.

While several groups are trying to form banks in the Washington area, organizers of VisionBank and Marathon International Bank ultimately withdrew their applications.

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