Oklahoma City-based Watermark Bank's de novo application has been approved by the Federal Deposit Insurance Corp. and state regulators, American Banker reported Sept. 18.

The bank is expected to open in early 2019, according to the report.

Matthew Pollock, the bank's appointed president and CEO, said that organizers of the bank have raised more than $20 million. The group is finalizing vendor contracts, finishing the office space and hiring bank employees before opening the bank for business, the publication added.