Utah de novo gets conditional OK from FDIC

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The Federal Deposit Insurance Corp. has approved its ninth — and presumably final — de novo of 2019.

Organizers of Bank of St. George in Utah received conditional approval for deposit insurance from the FDIC on Dec. 17. The group is required to raise $18 million in initial capital before opening.

Bruce Jensen is set to become the de novo’s CEO. Organizers aim to open the only locally headquartered bank in St. George, which the Census Bureau recently identified as the nation’s third-fastest-growing city.

Bank of St. George applied with the FDIC and the Utah Department of Financial Institutions in April.

The FDIC approved 15 deposit insurance applications last year, though three of the proposed banks — Community Bank of the Carolinas, Spirit Community Bank and Tarpon Coast Bank — did not open.

One proposed bank approved this year — Silver River Community Bank in Ocala, Fla. — will not open, according to the FDIC.

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Community banking De novo institutions Capital FDIC Utah