Arizona group planning bank focused on small business

Organizers in Arizona have applied to form a Integro Bancorp in Phoenix.

The group submitted an application with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance.

The application did not disclose how much initial capital organizers plan to raise.

In an April announcement posted on LinkedIn, they said the proposed bank would be primarily focused on small businesses. It plans to introduce a consultative product called Integro360. 

Thomas Inserra would serve as Integro’s chairman, president and CEO. He previously served as chief credit officer as chief risk officer at Pacific Mercantile Bank, according to his LinkedIn profile.

"The glue that binds us together is the common commitment we share to transforming lives by helping small businesses grow and maximize employment," Inserra said in April's announcement. "Make an impact by joining our effort to help small businesses."

A number of groups have proposed banks in Arizona, which allows organizers to apply for preliminary state approval before having a management team or location lined up.

Scottsdale Community Bank received conditional approval from the FDIC in October. Organizers must raise $16 million before it can open.

Other proposed banks for Arizona include Discovery Business Bank and Ocotillo Bank, which would be in Chandler, and Grayhawk Bank in Scottsdale. Another group is planning Verdigris Bank, an online-only bank that would operate out of Scottsdale.