Organizers of Loyal Trust Bank filed an application with the Federal Deposit Insurance Corp. to open a bank in Johns Creek, Atlanta, American Banker reported March 12.
The organizers plan to raise $20 million to $28 million in capital and will have a large number of Asian-American shareholders, according to Charlie Brown, the proposed CEO of Loyal Trust Bank.
Brown also told American Banker that their target opening for Loyal Trust Bank is in the fall.
Brown was previously CEO of Sarasota, Fla.-based Insignia Bank which was acquired by Pompano Beach, Fla.-based Stonegate Bank in March 2017.
Rose Jarboe, CEO of real estate investment company WePartner, is the proposed chairman, while Bill Abernathy and John Lewis Jr. are some of the proposed directors, according to the report.
A similar effort to open a bank in Johns Creek was made in December 2016 when a group of Chinese-American investors filed a de novo application to open Pacific Metro Bank. The bank was supposed to serve Chinese-American customers in the north metro Atlanta area but the application was withdrawn in April 2017. Reasons for the withdrawal were not provided to S&P Global Market Intelligence.
Brown told American Banker there are no overlaps with Pacific Metro Bank in the composition of Loyal Trust Bank's officers and directors. He also said they are opening at a time banks are consolidating around the Atlanta area, particularly the planned merger of Winston-Salem, N.C.-based BB&T Corp. and Atlanta-based SunTrust Banks Inc.