Scottsdale Community Bank, a startup bank that has been preparing to launch for years, received its state charter on Monday, making it the first new bank, known as a de novo, to open in Arizona in 14 years.
SCB received its conditional approval in 2020 and has since been raising money as it prepared to start operations, hauling in more than $19 million over the years.
The bank received its final approval from the Federal Deposit Insurance Corporation, the federal regulator, late last week and got its state charter from Arizona’s Department of Insurance and Financial Institutions on Monday.
Arizona now has 10 community banks headquartered in the state with the addition of SCB, a remarkably small number when compared to regional neighbors.
Neill LeCorgne, president and CEO of Scottsdale Community Bank, said that locally-owned banks like SCB will be key in supporting the region’s continued growth.
