De novo institutions

Varo Money just received conditional approval from the OCC. Now it has to raise capital, create a CRA plan and get a go-ahead from the FDIC.

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening.

Organizers of Dogwood State Bank are looking to raise $75 million in hopes of opening by mid-2019.

Organizers of new banks want to cater to underbanked minorities, entrepreneurs, military veterans and other specialized groups.

The move is important for new banks in states like California, where a small-business lending program requires a three-star rating from the agency.

The first meeting is structured like a job interview. After that, organizers should expect plenty of questions about money, management and markets.

Organizers of Piermont Bank said in their application with the FDIC that they want to raise $100 million and eventually operate in several urban coastal communities.

The proposed Piermont Bank would be based in Midtown Manhattan. It is the second de novo being planned in New York.

Bank organizers are picking one another's brains about hiring decisions, applications and raising capital as part of the monthslong effort to secure charters.

Tekalign Gedamu, who would chair Marathon International Bank, says that Zekarias Tamrat is bad-mouthing the de novo effort following his dismissal and a subsequent payment disagreement. Tamrat was slated to be the bank's president.