Capital

Climate First Bank has raised $29 million in initial capital, surpassing the $17 million target set by the Federal Deposit Insurance Corp.

The Maryland company recently raised $345 million to form the subsidiary and fund growth opportunities for its bank.

Organizers of Integrity Bank for Business must raise around $19.9 million before they can open the bank.

The San Francisco company has now backed 11 minority-owned banks as part of a $50 million pledge it announced last year.

The California company has not established a time or pricing for the IPO.

Organizers of the Florida de novo will need to raise $17 million in capital before opening.

The tennis legend will also serve as a strategic adviser on gender equality issues and First Women's Bank, which will be mostly owned and run by women.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.

The de novo, which raised $33 million in initial capital, will become the state's third new bank since the 2008 financial crisis.

Keith Costello, who is looking to form Locality Bank, was president and CEO of First Green Bank when it was sold in 2018.