Tennessee de novo cleared to open
Studio Bank in Nashville, Tenn., has received the required regulatory approvals to open.
The de novo, which will become the city’s first new bank since 2008, said in a press release Monday that it has received final approvals from the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corp.
Studio's organizers raised $46 million from about 400 investors earlier this year, surpassing their $40 million target. The bank has not set an official opening date.
“We have reached the culmination of our efforts to launch a local bank for Nashville’s creators, and I have so much pride in what our team has accomplished,” Aaron Dorn, Studio’s proposed chairman, president and CEO, said in the release. “It is an extraordinary accomplishment to receive a vote of confidence from regulators after the financial crisis.”
Organizers said the bank, which has a French bulldog mascot, will be fully operational in the next few weeks. Studio plans to serve clients from its headquarters in an office near downtown Nashville. Organizers, many of whom are former Avenue Financial executives, intend to open a standalone branch later this year.
Avenue was sold to Pinnacle Financial Partners in 2016.
“The local enthusiasm and buy-in from Nashville business and community leaders during our capital raise was phenomenal," Dorn said. "We are also honored to have a small, select group of world-class institutional investors in our ownership group.”