Phoenix-based Integro Bank launches successfully

Phoenix-based Integro Bank is now a legally chartered institution, and its customer deposits have protection from the Federal Deposit Insurance Corp.

The bank has received all regulatory approvals, including that from the State of Arizona, to open the bank and to disburse its capital from escrow, according to a statement.

Approximately $29 million in capital has been collected by the bank from 207 business owners and individual shareholders who invested in its common stock. They will function as the co-owners of the bank. The bank will continue to raise capital through its offering materials while completing the final testing of its digital technology solutions. The next phase of the launch might be announced in July.

Integro applied for its banking charter on June 15, 2021.