Studio Bank is one step closer to opening in Nashville, Tenn.
The de novo's organizers said in a press release Tuesday that they have exceeded a goal of raising $40 million, satisfying the minimum capital requirements set by regulators.
Studio’s organizers said they will continue accepting investments.
Studio, which would be Nashville’s first new bank since 2008, declined to specify the amount raised. The capital raise included about 325 investors between October and January, with about 85% of those shareholders living around Nashville.
Organizers had already raised $4.2 million in seed funding.
“We are honored by such a phenomenal response from the Nashville community,” Aaron Dorn, the proposed bank’s chairman, president and CEO, said in the release. "This level of local support is an emphatic confirmation that Nashville needs a modern bank to serve its amazing creators with a unique and boutique approach to banking. That’s the very reason we’re starting this company.”
Dorn and other Studio leaders are former executives of Avenue Financial, which was sold to Pinnacle Financial Partners in 2016.
Studio, which announced its application for regulatory approvals in October, expects to open later this year.