A group with ties to an investment company in Clearwater, Fla., is looking to form a bank.
Organizers of Waterfall Bank submitted an application with the Federal Deposit Insurance Corp. on Friday for deposit insurance. The application wasn’t immediately available.
Waterfall Bank would be based in the Waterfall Building, which is operated by Waterfall Capital Investments. The company “directs the deployment of capital for a small group of family offices” with a focus on real estate, hospitality, health care and private lending, according to its website.
Waterfall Bank would operate independenly of Waterfall Capital, said Kevin Darmody, the investment company's CEO and the proposed bank's president. "There will be people affiliated with both but it will be run separately in terms of capital and the books," he said.
"We have some prospective people around town who feel there is a need for a community bank in Clearwater," Darmody added. "We think that more and more people like the community banks. They want more personal, hands-on service."
Organizers are looking to raise at least $25 million with hopes of opening by the third quarter of 2021. The plan is to offer traditional consumer and commercial products and services.
"There is a lot of growth here in Florida, and specifically in Pinellas County," Darmody said. "COVID is accelerating peoples' decisions to move here, particularly with work from home. We want to take advantage of the growth."
