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Dogwood State Bank withdraws application

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Dogwood State Bank withdraws application

Dogwood State Bank has voluntarily withdrawn its applications with the North Carolina Office of the Commissioner of Banks and the Federal Deposit Insurance Corp., (Raleigh, N.C.) Triangle Business Journal reported Nov. 29.

Dogwood State founding CEO Steve Jones said the bank will still move forward but through a different path — the details of which he did not say, the publication wrote.

According to the report, the Raleigh, N.C.-based bank has the option to apply for a national charter instead of a state charter. However, this will still require FDIC insurance, said Nathan Batts, senior vice president and counsel for the North Carolina Bankers Association.

The bank could also buy a charter instead of applying, said Lee Burrows, CEO of Bank Street Partners. However, Batts said this method would involve "considerable scrutiny by regulators," the publication wrote.