Virginia group receives FDIC approval to open de novo

Organizers in eastern Virginia have received conditional approval to open a bank.

The Federal Deposit Insurance Corp. on Tuesday approved an application for deposit insurance submitted by Integrity Bank for Business. The proposed bank would be based in Virginia Beach.

The group must raise roughly $19.9 million before opening, according the FDIC’s order.

A public notice issued in November listed 13 organizers, including Michael Ives, former CEO of Heritage Bankshares in Norfolk, Va.

Ives is expected to serve as Integrity’s president and CEO, according to the Virginian-Pilot. Leigh Keogh, Heritage’s former chief credit and lending officer, would serve as chief operating officer and chief lending officer. Anne Vanderberry, who was chief financial officer at Heritage, would have the same position at the proposed bank.

Peter Meredith, who was Heritage’s chairman, would have the same role at Integrity.

Heritage was sold to Southern BancShares in Mount Olive, N.C., in 2016.

Neil Crawford, former CEO of Carolina State Bank, is to become Integrity’s chief development officer, according to his LinkedIn profile.