Florida de novo gets FDIC approval

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Organizers of Gulf Atlantic Bank in Key West have received conditional approval for deposit insurance.

The Federal Deposit Insurance Corp. approved the proposed bank's application on Friday. The group must raise $12 million — the lowest amount of initial capital required by the FDIC in recent years — before opening.

The capital will be raised through a private offering of 1.2 million shares.

Organizers applied with the FDIC last March. They originally planned to raise $14 million to $16 million.

The FDIC will also require the bank to maintain a Tier 1 capital-to-assets leverage ratio of 8% during its first three years of operation.

Gulf Atlantic plans is serve small and midsize businesses, their employees and retail customers.

Peter Batty and Jeff Searcy, co-owners of United Atlantic Insurance Group, are leading the de novo effort.

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