Startup Gainey Business Bank receives approval from FDIC
Gainey Business Bank, a startup (de novo) bank, received its final approvals this week from the Federal Deposit Insurance Corporation, the federal regulator, and its state charter today from Arizona’s Department of Insurance and Financial Institutions.
Jim Unruh, the Bank’s Chairman commented, “this has been a mission led by local business leaders to address a significant need in the Valley for a bank focused on small-medium sized businesses by a team with extensive local knowledge, experience, and final decision-making authority. We are thrilled to be ready to launch our dream. As we enable the success of local businesses, we will also be an asset to the economic development of our local community.”
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Gainey Business Bank has attracted well over 100 individual investors, with those investors largely being made up of local entrepreneurs, professionals, and business executives. The Bank believes that the strong level of local investor support reflects its plan resonating with the local business community.
Along with its over 100 investors, the Bank has a strong 10-member Board of Directors comprised of experienced local business leaders. In addition, it has a 20-member Advisory Board who are positioned to extend the Banks reach deep into the Community.
The Bank’s plan is to focus on small-to-medium sized businesses that are underserved by current banks, particularly the larger out-of-state based banks. As a Community Bank, Gainey Business Bank is locally managed and focused on the needs and opportunities in the local community, and as such, its lending and other decisions will be made in Arizona with the knowledge of the local environment.
Joe Stewart, the Bank’s CEO stated, “we are poised to make a difference for those customers who seek local knowledge and control over decisions affecting their businesses. Compared to many other large markets across the U.S., Maricopa County has been woefully lacking in Banks with local management. This is slowly beginning to change, and we intend to be a leader in serving this need.”
The bank will now move to open its doors fully by the end of June. It will be located in the Gainey Center II building at 8501 N. Scottsdale Rd. in Scottsdale.