Gainey Business Bank (GBB) has received conditional approval from the Federal Deposit Insurance Corporation to establish a new community bank in Scottsdale, Arizona. A new community bank has not been established in Arizona for 13 years.
Gainey Business Bank (in organization) will concentrate on commercial, industrial and healthcare business sectors bringing the extensive local market experience of executive management and its Board to benefit its customers.
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Gainey Business Bank (in organization) is all about “customer service”, says Jim Unruh, Chairman of the Board. “We will build strong relationships with our customers enabling us to meet their individual needs in a very timely manner while offering advice and counsel in the process.”
The Gainey Business Bank (in organization) is led by a strong management team with extensive banking experience in the Phoenix market. Joe Stewart, President and CEO has been in Arizona banking over 30 years including most recently as president of JP Morgan Chase Arizona for eight years followed by president of Bankers Trust Arizona for five years combining both large bank and small bank experience. Other members of the executive team reflect similar experience in the Phoenix market. The management team is supported by a Board of Directors resident in the Phoenix area with substantial experience in technology, banking, insurance, finance, and general business.
“We believe there is a significant banking need in the Valley for local decisions, local management, local knowledge,” says Joe Stewart, Chief Executive Officer. “So many of the banks in our market are in affect “outposts” with out-of-state control. We intend to work hard to be a local asset to the community.”
Gainey Business Bank (in organization), as with community banks generally will serve small to
medium sized businesses. Approximately 97% of businesses in Arizona are small businesses
and underserved with just 12 community banks, only four in the Phoenix metro market. This
compares with 34 in New Mexico, 40 in Utah, and 74 in Colorado. There is a significant need that is being addressed by the bank.
Gainey Business Bank (in organization) will be supporting businesses in Scottsdale, Paradise
Valley, and North Phoenix as its primary market area but including customers throughout the
metropolitan area. Its products and services will include loans, deposit facilities, cash
management services and other business services.
The conditions to be met prior to the Bank’s opening, other than a minimum capital requirement of $15 million are generally routine and normal for a new bank in its first three years defined as a de novo bank. Gainey Business Bank (in organization) is well on its way in the capital raise and expects to complete it in the near-term. Note: Investment offers may be made only by means of the proposed bank’s Offering Circular. Shares of the proposed bank’s common stock and any other security of such bank are NOT deposit accounts and are neither insured nor approved by the FDIC or any other federal or state regulatory agency.
Additional information can be found on the Gainey Business Bank (in organization) website:
www.gaineybusinessbankcorp.com.
