Proposed Georgia bank secures conditional regulatory approval

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Organizers of Craft Bank, a proposed de novo in Atlanta, said they have received conditional approval for a banking charter.

The founders said in a press release Wednesday that they have raised two-thirds of the $30 million in initial capital required by the Federal Deposit Insurance Corp. and the Georgia Department of Banking and Finance. Craft is the 11th deposit application the FDIC has approved this year.

Organizers said they plan to open the bank in late summer.

Ross Mynatt, who once managed the residential construction and mortgage departments at Cornerstone Bank, is expected to be the bank's CEO. Mynatt recently served as senior vice president at Georgia Primary Bank.

Two other Cornerstone bankers would join the de novo's management team: Kitty Kendrick as chief financial officer and Beth Martin as chief experience officer.

Greg Griggs, a former banker at Highland Commercial Bank, would be chief lending officer.

Marc Greene, former CEO of Mountain Valley Community Bank, is to be Craft Bank’s chairman. The board would include 11 outside directors.

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