Locality Bank IO‘s application for FDIC insurance has been approved subject to standard conditions. The bank has met the requirement to have $23 million in capital and currently has over $27 million in subscriptions for stock. The bank will close the capital raise no later than November 15, 2021, with its first shareholder meeting to follow shortly after. Local business owners and leaders are encouraged to invest.
Bank organizers and co-founders Keith Costello, Drew Saito, and Corey LeBlanc expect to open Locality Bank IO in Fort Lauderdale in December of this year, with an official grand opening taking place in 2022.
“We will be the first community bank in 10 years to open in South Florida and with the capital to lend, we welcome the South Florida business community to use us as a resource,” said Keith Costello, Locality Bank’s CEO. “By combining cutting-edge digital solutions with relationship banking, Locality Bank will provide local businesses with a frictionless and efficient way to bank.
Locality Bank IO will operate out of a temporary location at General Provision’s Downtown Fort Lauderdale location until its main office at 1400 South Andrews Avenue has been fully renovated. The bank’s mission is to empower local businesses to maximize their potential.
Read More: Flutterwave Enables New Europe-Africa Payment Corridors via Stellar
Serving Miami-Dade, Broward, and Palm Beach Counties, the bank’s digital services will all be available through a mobile app. Services will include commercial banking, commercial real estate lending (for owner occupied and investment), SBA lending, and deposit and business treasury services.
Locality Bank IO will operate on a secure cloud-native core banking system with an open API architecture. This modernized system will allow fast iteration and new technological additions to provide a robust and engaging customer experience.
[To share your insights with us, please write to sghosh@martechseries.com]
