JOHNS CREEK, Ga. — Loyal Trust has received certification from the Federal Deposit Insurance Corporation (FDIC) and is set open Nov. 19.
On Oct. 30, the Georgia Department of Banking and Finance acknowledged that the organization had raised sufficient funds to meet the minimum capital requirement of $20 million before the proposed bank may begin business as a state-chartered bank. The proposed bank raised the capital in less than 60 days.
Loyal Trust Bank plans to open for business on Nov. 19, subject to final regulatory approval from the state department. Upon opening, Loyal Trust Bank will be the only bank headquartered in Johns Creek, Georgia.
The bank has set its focus on multi-cultural, Asian American banking with the local business community. The organization will serve the surrounding area with a digital community banking style for business and consumer customers.
The proposed Chairwoman of the bank is local business owner, Rose Jarboe of WePartner Management. The proposed CEO, is Charlie Brown, founding Chairman and CEO of Insignia Bank with more than 20 years of experience in community banking in this role, as well as more than five years experience as a former FDIC Community Bank Advisory Board Member in Washington.