A proposed bank in Columbus, Ohio, has received
conditional approval from the Federal Deposit Insurance Corp.
The FDIC approved deposit insurance for Adelphi
Bank, a de novo planned by a group of Black business owners. Organizers, who
initially filed with the FDIC last fall, will need to raise about $17.7 million before the
bank can open.
The proposed bank, which is looking to become a minority
depository institution, would be located on a site once occupied by Adelphi Loan
& Savings, a former Black-owned bank in the city.
"The bank will strive to meet the banking
needs of minority population and minority-owned business in its target market,
including the growing number of African-Americans in the minority census tracts
surrounding the Bank’s head office in Columbus, Franklin County," the
group said in its FDIC application.
Jordan Miller would serve as the bank's CEO.
Kevin Boyce would be the chairman.
The Columbus area has been a popular market for
de novo efforts.
Ohio State Bank opened in Bexley in April
2019.
Riverside Bank of Dublin opened in February, and
First Bank of Central Ohio opened in Worthington debuted two months later.
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