Organizers plan new bank in Arizona

A group with ties to a wealth management firm in Scottsdale, Ariz., has applied to form a bank in the city.

Organizers of Zenith Bank & Trust applied with on June 23 with the Federal Deposit Insurance Corp. for deposit insurance. The group plans to register with the Federal Reserve to make Zenith Financial Holding the proposed bank’s holding company for the bank. 

Zenith Financial Holding already owns Zenith Wealth Advisors, a registered investment adviser. 

The proposed bank’s target market is small- and midsize businesses and their owners, business professionals, real estate owners and investors and high-net-worth individuals. The plan is to offer “a wide range of traditional banking products and services including deposit and credit products as well as trust services.” 

Zenith Bank would also provide clients access to investment management services provided by Zenith Wealth Advisors. 

Organizers plan to raise $22 million of initial capital. 

Daniel Thompson would serve as the proposed bank’s president and CEO. He was regional president for Arizona and California, and a member of the executive leadership team, at First Western Trust Bank.

Brad Fain, CEO of Fain Signature Group, would serve as Zenith Bank’s chairman. He was a director at Mohave State Bank, which was sold to Glacier Bancorp in 2020. 

The other organizers are Garrette Backie, Brian Bonfiglio, Flynt Griffin, Travis Heriaud and Katie Williams. Heriaud and Jonathan Chan are expected to each own more than 10% of the bank’s outstanding shares. 

Arizona has been a popular state for new banks. 

Gainey Business Bank opened in Scottsdale in early June, while Integro Bank debuted in Phoenix last month.