New Boutique Bank to Open in Nashville
Published: Thursday, July 12, 2018 9:25 am
On June 11, Studio Bank (In Organization) announced it received final regulatory approvals from the Tennessee Department of Financial Institutions (TDFI) and the Federal Deposit Insurance Corporation (FDIC), which were the final steps in the exhaustive regulatory application process to open a new bank in Tennessee.
Upon receiving regulatory approvals, the bank also closed its capital raise at over $46 million. Although the bank met the minimum goal of raising $40 million to meet regulatory requirements in April, the demand to invest in Studio Bank remained strong among local investors, which prompted the bank to continue to accept new subscriptions until early June. When all subscriptions were in hand, Studio Bank had received over $46 million in capital funding from nearly 400 investors.