Organizers have applied to form a new bank in Birmingham, Ala.
CommerceOne Bank would be run by a group of bankers with ties to First Partners Bank, a Birmingham institution that was sold to Progress Bank earlier this year.
The organizers hope to raise $30 million to $50 million in initial capital, based on a Nov. 30 application filed with the Federal Deposit Insurance Corp.
“Client service will be a cornerstone of the bank’s business strategy,” the application said. CommerceOne will focus on commercial clients, commercial real estate and private clients, offering loan and deposit products and treasury management services.
Kenneth Till, a former chief financial officer at First Partners, is set to become the proposed bank’s CEO. Arthur Freeman IV, who was First Partners’ chief lending officer, would serve as president.
The proposed bank’s chief lending officer and chief credit officer were also executives at First Partners. The company is still looking to hire a CFO and chief operations officer.
Ronald Jackson, a retired executive at Oakworth Capital, will be one of the bank’s directors. The application also listed Thomas Miles, a principal at Golden Bell Capital, as an organizer who will not join the board.
A call to R. Alan Deer, a lawyer at Balch & Bingham who was listed on the application as the group’s contact, wasn’t immediately returned.