De novo institutions

Maine Harvest Federal Credit Union, which will serve farmers and the food industry, opened this week and aims to make $12 million in loans over the next six years.

Even with the FDIC actively encouraging groups to start banks, challenges like raising capital and low interest rates make it tough.

Frustrated after being overlooked by mainstream financial institutions, organizers of the proposed Pagan Federal Credit Union are hoping to be chartered by the end of the year.

Sound Bank is now Dogwood State Bank after its sale to an investor group. The buyers also moved Dogwoods State's corporate offices from eastern North Carolina to the state's capital.

Gulf Capital Bank has received conditional approval from state and federal officials and could be up and running late this year or early next year, its organizers say.

With credit discrimination still legal in many states, the Michigan-based institution aims to help this marginalized group.

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Regulators may be willing to grant new charters, but economic uncertainties, capital hurdles and inexperience have led the organizers of numerous bank startups to give up in the last few years.

FWBank would be led by Marianne Markowitz, former acting SBA director. Amy Fahey, a former JPMorgan Chase executive, would serve as chairman.

Skip Brown, an executive with Winston-Salem Banking Group, says it has signed a letter of intent to buy a community bank three months after withdrawing a charter application.