Organizers of Tandem Bank in Tucker, Ga., have cleared a key hurdle as they look to open the state's first de novo since the financial crisis.
The Georgia Department of Banking and Finance has approved the group's application. The proposed bank still needs approval from the Federal Deposit Insurance Corp.
Tandem, which has raised $18 million in initial capital, is expected to open by this fall.
"The formation of this new state bank is further evidence that community banking in Georgia has recovered from the depths of the financial crisis," Georgia Department of Banking and Finance Commissioner Kevin Hagler said in a press release.
Georgia was hit hard during the financial crisis and along with Florida had the most bank closings.
Tandem is expected to primarily serve customers in the metro Atlanta region.
Charles DeWitt, the bank's proposed president and CEO, recently served as president of CharterBank's North Atlanta region, according to his LinkedIn profile.
