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De novo bank gets Ariz. regulator nod to be 'in organization'

The Arizona Department of Financial Institutions approved Scottsdale Community Bank's application to be "in organization," the Phoenix Business Journal reported.

The board of the de novo bank can now raise capital by selling shares as it moves to file a charter application with both federal and state regulators, the publication wrote. Proposed Chairman George Weisz said the board is planning to raise a minimum of $16 million.

Scottsdale Community Bank expects to open by the end of the year, according to the report.