Nine ‘de novo’ bank applications given green light in 2019 (so far), short of pace for preceding year

With the application approval of a bank to be located in St. George, Utah, earlier this month, nine “de novo” bank applications have been OK’d by the federal insurer of bank deposits in 2019 – well below the number permitted in 2018, but two more than in 2017.

According to the Federal Deposit Insurance Corp. (FDIC), an application for the Bank of St. George was approved Dec. 17. The bank will be required to raise capital of $18 million in order to open its doors. All other terms typically applied by the agency for new banks are in force.

The proposed, new Utah bank is the ninth to be given the green light in 2019 to be formed by the agency. Five of those have already opened for business; only one (a bank proposed in Ocala, Fla.) will not open, according to FDIC postings on its website.

In 2018, the FDIC approved applications for 15 banks, according to agency postings. Of those applicants, 12 eventually opened.

The agency gave the nod to seven de novo bank applications in 2017 – all of which ultimately opened their doors for business.

FDIC list of new bank charters approved, opened