A group of organizers, operating as RBM Organizer Group, submitted an application for deposit insurance with the Federal Deposit Insurance Corp. for Craft Bank, American Banker reported.

The group also filed a trademark application in June for the proposed Atlanta-based entity.

Ross Mynatt, who is expected to be CEO of Craft Bank and once oversaw Cornerstone Bank's residential construction and mortgage departments, said the organizers intend to raise $22.5 million to $30 million in initial capital, according to the news outlet.

Former Cornerstone bankers Kitty Kendrick and Beth Martin are expected to join the de novo as CFO and chief experience officer, respectively, and former Highland Commercial Bank banker Greg Griggs will become chief lending officer. Former Mountain Community Bank President and CEO Marc Greene and former Brookhaven Bank director Paul Masters will become members of Craft Bank's board, which will have 11 outside directors, the news outlet added.