The organizers of Silver River Community Bank applied with the Federal Deposit Insurance Corp. to open a de novo bank in Ocala, Fla., according to the group's application.
Jon Kurtz, the founding CEO of Alarion Bank, will take the helm at the proposed bank as chairman and CEO. Kurtz retired as CEO of Alarion in 2012, but remained on the board until the bank's purchase by HeritageBank of the South in 2014.
Kurtz told American Banker that Silver River organizers plan to raise $17 million to $25 million in initial capital and that the bank's opening is targeted for late summer.
Adam Woods will be president and chief loan officer of the proposed bank. Woods worked at Alarion alongside Kurtz, but later joined First Avenue National Bank, where he was senior lending officer. That bank was acquired by CBC National Bank in 2016.
The application listed eight proposed directors. Silver River intends to use the "universal banker" model with transaction pods rather than a teller line and offices for more sensitive transactions.