A group of bankers with ties to Yadkin Financial is aiming to open a bank in Raleigh, N.C.
Organizers of Dogwood State Bank, at least the fifth de novo being planned in North Carolina, want to conduct business across the state. It is the first de novo planned in Raleigh since the financial crisis. The group hopes to open in the second quarter of 2019.
Steve Jones, who recently served as chief banking officer for the Carolinas at F.N.B. Corp., would become Dogwood's CEO. He had been the chief banking officer at Yadkin, which F.N.B. bought last year.
Scott Custer, Yadkin's former CEO, would be the bank's chairman. Custer will remain president of Live Oak Bank, a spokeswoman for the Wilmington, N.C., bank said.
“The Raleigh market is no different than other North Carolina markets that have experienced significant industry consolidation," Jones said in a press release.
"The changes in the community banking landscape created a noticeable opportunity to fill a void,” Jones added. "North Carolina is a vibrant state experiencing significant growth, and I’m looking forward to providing resources to assist and sustain the state’s progress.”
“The management team and directors of the proposed organization are the perfect mix of individuals who are both qualified and able to navigate banking in North Carolina,” Custer added.
The proposed bank would be funded by private investors. The group is seeking a state charter and needs to seek approval from the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corp.
Skadden, Arps, Slate, Meagher & Flom is representing the organizers.
