The organizers of Locality Bank IO, a digital-first community bank in organization, has filed applications with the Federal Deposit Insurance Corporation (FDIC) for a charter and deposit insurance, and with the State of Florida for a bank charter. Once regulatory approval is received, the group looks forward to opening its home office in Fort Lauderdale to serve the South Florida business community.
“Especially during the pandemic, we realized there were not enough community banks in South Florida and now we want to launch one that will be atypical,” saysKeith Costello, CEO of Locality Bank IO. “Our goal is to provide local businesses with the best of what a traditional community bank can offer while differentiating with cutting edge technology.”
Locality Bank IO will empower small and medium-sized businesses to maximize their potential by serving as a relationship-based, multi-channel, comprehensive business resource. Technology and design will be a focal point of the mission to create a friendly and efficient user experience—one that promotes better control of business finances and facilitates more significant revenue opportunities for the businesses that choose Locality Bank IO.
“The challenges faced by local businesses today are incredibly complex,” says Corey LeBlanc, COO/CTO of Locality Bank IO. “We are creating an environment that helps remove the burden of banking for our customers and allows them to do more of what they love, running their businesses. In accomplishing this mission, the bank will be contributing to job creation and help fuel economic growth while building a better future in the communities it serves.”
