FORT LAUDERDALE, Fla., September 16, 2021 – On September 10, 2021, Locality Bank IO, a digital-first community bank, received a Final Order of Approval from the Office of Financial Regulation in Florida to open a state-chartered bank in Fort Lauderdale, Florida. Aimed at empowering local businesses in South Florida, Locality Bank IO still has a pending application with the Federal Deposit Insurance Corporation (FDIC).
“Once regulatory approval is received from FDIC, we look forward to serving the South Florida business community as a resource with capital to lend,” said Keith Costello, Locality Bank’s CEO. “Our digital solutions will provide local businesses with the best of what a traditional community bank can offer plus cutting-edge technology.”
A capital raise was previously announced, and organizers have commitments from local business leaders totaling $19 million. Their goal is to raise a minimum of $23 million to develop a long-term capital structure that will allow the bank to stay independent and continue to serve local businesses for years to come. The bank’s offering memorandum is expected to be approved for release to investors soon. Local business owners and leaders are encouraged to invest and can learn more about the opportunity to do so at https://invest.localitybank.com/investlocality.
Serving Miami-Dade, Broward, and Palm Beach Counties, the bank’s digital services will all be available through a mobile app. Services will include commercial banking, commercial real estate lending (for owner occupied and investment), SBA lending, and deposit and business treasury services.
Locality Bank IO will operate on a secure cloud-native core banking system with an open API architecture. This modernized system will allow fast iteration and new technological additions to provide a robust and engaging customer experience.
To stay up to date on the launch of Locality Bank IO in Fort Lauderdale, Florida visit https://www.localitybank.com.
About Locality Bank IO
Locality Bank IO is a digital-first community bank in organization that will be based in Fort Lauderdale, Florida. The bank will serve small to medium sized businesses by offering the traditional services of a community bank as well as user friendly, cutting edge technology. To learn more, contact Locality Bank IO at https://www.localitybank.com or via email at email@example.com.