New South Bank
Where the charter stands
FDIC application notice published Apr 22, 2026. Florida OFR conditional approval Sept 1, 2026; FDIC deposit insurance approved with conditions Sept 28, 2026. The FDIC approval expires if insurance is not effective within one year.
Capital
FDIC requires at least $25M initial paid-in capital (offering of 2.5M shares at $10)
Leadership
Proposed chairman and CEO Kennard Page; proposed president and CFO Thomas Welsh
Common questions
Is New South Bank open?
Not yet. As of November 2, 2026, its status is conditional approval. FDIC application notice published Apr 22, 2026. Florida OFR conditional approval Sept 1, 2026; FDIC deposit insurance approved with conditions Sept 28, 2026. The FDIC approval expires if insurance is not effective within one year.
How much capital does New South Bank have?
FDIC requires at least $25M initial paid-in capital (offering of 2.5M shares at $10)
Who leads New South Bank?
Proposed chairman and CEO Kennard Page; proposed president and CFO Thomas Welsh
A new bank picks its loan and account intake once. RAVEN verifies income, assets and identity from the source, so day-one applications arrive complete.