Fla. trust company one step closer to becoming bank

Cypress Bank & Trust has received conditional approval for deposit insurance from the Federal Deposit Insurance Corp.

Organizers of the proposed Melbourne, Fla., de novo must raise $16.5 million before opening, according to the July 22 order from the FDIC.

Cypress Trust Co. applied with the FDIC in August to accept deposits. The company, which plans to become a state-chartered bank, will have two branches when it opens. 

Cypress Trust, formed in 1996, describes itself as “a boutique corporate fiduciary” that serves “successful individuals and their families, nonprofit organizations, foundations and endowments.” The company operates in five Florida markets: Jacksonville, Naples, Palm Beach, Vero Beach and Winter Haven.