Scottsdale Community Bank has received conditional approval from the Federal Deposit Insurance Corp. to establish Arizona’s first new community bank in 12 years.
Scottsdale Community Bank will combine cutting-edge financial technology with personal relationship banking, according to a press release. The locally owned and managed bank will serve small and midsize businesses in Scottsdale, Paradise Valley, north Tempe, and east Phoenix.
The next step for SCB is completing its $16 million capital raise, the release said.
“This is a very exciting achievement for our outstanding organization and is a strong signal for positive economic development in the city of Scottsdale and the state of Arizona. We will be a dynamic bank for a dynamic community.
We are very proud to be creating a high-caliber financial institution that will be a valuable resource for our community at a time when it is needed the most. This will be a true community bank,” said SCB Board Chair George Weisz in a prepared statement.
With high aspirations, Mr. Weisz noted his legacy includes his father who served as a board member of Harris Bank in Chicago, which became part of BMO Harris.
“We are in the home stretch of our capital raise, which provides a rare opportunity to be on the ground floor, as a founding investor, in a bank. The bank is designed to be a win-win for both investors and the community, which is what makes it so worthwhile. Our guiding principle is ‘Doing well for our investors by doing good for our community.’”
According to SCB President Neill LeCorgne, who stated the Scottsdale market is underserved in providing personalized banking services in the area, there is an opportunity in a place “known as one of the fastest growing financial centers and business escalation areas in the nation.”
There are 10 community banks in Arizona while there are 335 in Texas, 70 in California, and 65 in Colorado, the release noted.
“We are excited to launch a new community bank in Scottsdale at a time when many clients are looking to work closely with a local financial partner through these challenging economic conditions. Our greatest opportunity is rooted in our local decision-making combined with high-level service and having our bank’s products and services delivered through the most innovative banking platforms available in the industry today,” said Mr. LeCorgne in a prepared statement.
Board of directors and executive staff consists of those with diverse business backgrounds and extensive involvement in public service, nonprofits and community service, according to the release.
Governing members include a trustee for the Disney Trust, a national expert on family businesses, a digital forensics expert, an engineering firm owner, a former airline executive, a nonprofit foundation leader, a physician and medical facilities owner, an international trade expert who has served on the Arizona-Mexico Commission and Border Trade Alliance, partners in technology enterprises, and the owner of minor league baseball teams.
“We enthusiastically welcome Scottsdale Community Bank. We are proud they have chosen to invest their capital in the future of Scottsdale. It is a compliment to our marketplace. We also recognize the value of Scottsdale Community Bank’s service to Scottsdale businesses in their continued efforts to grow and thrive. I wish them much success,” said Scottsdale Mayor Jim Lane in a prepared statement, welcoming the institution.