Arizona group files to open Gainey Business Bank

Organizers of the proposed Gainey Business Bank in Scottsdale, Ariz., have finally applied with the Federal Deposit Insurance Corp for deposit insurance.

The group submitted an application with the FDIC on Monday.

It has been more than two years since the proposed bank’s organizers received approval from the Arizona Department of Financial Institutions to start raising capital while they completed a charter application.

The group, which began planning the bank in 2017, said in its application that it expects to raise $15 million to $20 million.

Joe Stewart is expected to serve as the bank’s president and CEO. He recently served as the Arizona market president for Bankers Trust, and he was the chairman and CEO of JPMorgan Chase Arizona from 2007 to 2014.