A group is planning a bank in Scottsdale, Ariz.

Organizers of Scottsdale Community Bank received approval from the Arizona Department of Financial Institutions earlier this month to start raising capital as they put together an application for a bank charter.

The group, which aims to be the first new bank in Arizona since 2007, plans to raise a minimum of $16 million, according to its website. The minimum investment is $10,000.

George Weisz, who would be the bank's chairman, said the group is taking advantage of an Arizona law that lets it sell stock without having a specific location or a president in place.

"It allows us to raise capital without spending a lot of money up front," said Weisz, a vice president at Weisz Strategies, a consulting firm that assists companies that want to conduct business in Arizona.

Organizers are interviewing candidates to fill the vacant president position, Weisz said. The goal is to file an application with state and federal regulators in the next three months in hopes of opening the bank in the first quarter of 2019.

The bank would focus on small and midsize businesses, family-owned companies and nonprofits. The group said it could look to partner with wealth management services companies, financial planning firms, insurance carriers, family business consultants or other community banks.

Organizers said in an investor presentation that they are open to buying a troubled bank if it could be bought at “a substantially discounted value.”

“We will provide innovative, cutting-edge financial services, proactively addressing clients’ needs while maintaining and taking pride in our integrity, work ethics, efficiency and traditional values,” organizers said in its presentation.

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