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Former Yadkin execs plan 5th de novo in North Carolina


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Former Yadkin execs plan 5th de novo in North Carolina

A group of bankers is planning to open a de novo bank in Raleigh, N.C., to be called Dogwood State Bank, American Banker reported.

The bank is at least the fifth de novo being planned in the state and the first planned in Raleigh since the financial crisis, according to the report.

Steve Jones, who most recently was chief banking officer for the Carolinas at F.N.B. Corp., would become Dogwood's CEO. Jones earlier was the chief banking officer at Yadkin Financial Corp., which was acquired by F.N.B. in 2017.

In addition, former Yadkin CEO Scott Custer, currently the president of Live Oak Bancshares Inc., would serve as Dogwood's chairman. Custer will remain president for the Wilmington, N.C.-based bank, the bank's spokeswoman said.

Private investors will fund the proposed bank. Organizers are seeking a state charter and need approvals from the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corp.

Skadden Arps Slate Meagher & Flom is representing the organizers.

The de novo is expected to open in the second quarter of 2019, the news outlet reported.

According to a Triangle Business Journal report, Jones is looking to raise $75 million to $100 million to start operations.