The proposed Integro Bank, which is hoping to become the first new bank in Arizona since 2007 and open its doors this year, announced that it successfully secured limited approval to engage in capital raising, pre-opening, hiring and organizational activities by the Arizona Department of Insurance and Financial Institutions.
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“Integro is being created to meet the unmet and growing needs of small businesses,” said Thomas J. Inserra, Chairman & CEO of Integro Bank (Proposed). “Our 42 founders and organizers believe that small businesses are vital to our economy and the strength of our communities. They believe just as strongly in the customized and consultative approach in which our bank will serve those businesses. They have demonstrated a high level of commitment by personally contributing $5.33 million, or 20%, of our $26.68 million planned minimum capital raise amount.”
Integro Bank (Proposed) is now launching a brief invitation only “Friends & Family” capital raise campaign to supplement the $5.33 million in founder and organizer contributions. Integro Bank (Proposed) has scheduled a September 8, 2021 formal launch of its capital raise campaign.
Integro Bank (Proposed), which filed its deposit insurance application with the Federal Deposit Insurance Corporation in June 2021, will, upon receipt of all required regulatory approvals to open, use proceeds from the capital raise to grow its team, build its capital base, purchase its headquarters building location and for other uses described in the offering circular.