A de novo proposed in Florida has received conditional approval from the Federal Deposit Insurance Corp.
Our Community Bank, which plans to open in Hialeah and operating as OURBank, was approved for deposit insurance on March 5, according to a notice posted on the FDIC’s website. Organizers must raise $18 million in capital before the bank can open, according to the agency’s
The proposed bank is the third de novo to receive conditional approval from the FDIC this year. The others are First Bank of Central Ohio in Worthington and Genesis Bank in Newport Beach, Calif.
Emilio Santandreu, president and CEO of OUR MicroLending, will serve as the bank's chairman. Lyan Fernandez, a former chief operating office at TotalBank, will be the president and CEO.
The team behind Our Microlending, a Miami-area community development financial institution, applied to form Our Community Bank. The bank is expected to focus on commercial lending to a range of Miami customers, including immigrant entrepreneurs.
