On October 27, 2017, the Office of the Comptroller of the Currency (OCC) issued a full-service national bank charter since the financial crisis to Winter Park National Bank. Winter Park National Bank is the first de novo national bank and first de novo approved for federal deposit insurance in Florida since the financial crisis.
Provided below are some takeaways from Winter Park National Bank’s application and approval.
De Novo Application Filed: December 5, 2016
OCC Preliminary Conditional Preapproval: April 18, 2017
FDIC – Deposit Insurance Approval: June 28th, 2017
OCC – Charter Approval: October 27, 2017
Market/State: Orange and Seminole County, Florida
Holding Company: None
Products & Service: Full-service (no trust powers)
Initial Capitalization: $30MM
Target Customers: Small to medium-sized businesses
Banking Experience – Management: 2/3 of management has significant banking experience
Banking Experience – Directors: 100% of board has banking experience
Stock Option Plan: Yes
To see the OCC’s Press Release, click here.