Green Light for Arizona’s First New Community Bank in 12 Years

Scottsdale Community Bank

Scottsdale Community Bank (in organization) has received conditional approval from the Federal Deposit Insurance Corporation (FDIC) to establish Arizona’s first new community bank in 12 years.

“This is a very exciting achievement for our outstanding organization and is a strong signal for positive economic development in the City of Scottsdale and the State of Arizona, George Weisz, SCB Board Chair. “We will be a dynamic bank for a dynamic community. We are very proud to be creating a high-caliber financial institution that will be a valuable resource for our community at a time when it is needed the most. This will be a true community bank.”

Scottsdale Community Bank (in organization) will combine cutting edge FinTech technology with personalized relationship banking that will change the face of business banking in Arizona. It will be a locally owned, locally managed bank, whose motto is “Local commitment, Global vision”.

SCB will primarily serve small and medium size businesses, providing loans, deposit assistance, and full business services throughout Scottsdale, Paradise Valley, north Tempe, and east Phoenix. Targeted clients include businesses in the extensive Scottsdale Airpark on the north, to the Old Town arts and entertainment district, to excellent tribal enterprises east of the city, to the tech companies attracted by ASU’s SkySong Innovation Center and the McDowell Road revitalization area, and to medical entities along our “Cure Corridor”. In addition, SCB will cater to family-owned businesses and family offices along with non-profit organizations throughout the area.

“The Scottsdale market is drastically underserved in providing personalized banking services in our area,” as SCB President Neill LeCorgne explained. “There is a tremendous opportunity in a highly desirable place that is known as one of the fastest growing financial centers and business escalation areas in the nation.” There are only 10 community banks in all of Arizona while there are 335 in Texas, 70 in California, and even 65 in Colorado. LeCorgne added: “We are excited to launch a new community bank in Scottsdale at a time when many clients are looking to work closely with a local financial partner through these challenging economic conditions. Our greatest opportunity is rooted in our local decision-making combined with high-level service and having our bank’s products and services delivered through the most innovative banking platforms available in the industry today.”

The next step for SCB is completing its $16 million capital raise. “We are in the home stretch of our capital raise which provides a rare opportunity to be on the ground floor, as a founding investor, in a bank,” Weisz said. “The bank is designed to be a WIN-WIN for both investors and the community, which is what makes it so worthwhile. Our guiding principle is ‘Doing well for our investors by doing good for our community’.”

SCB Vice-Chair Hemant Patel added: “We are very proud of our outstanding, first-class Board of Directors and executive staff that we believe is one of the best leadership teams in the country.” The governing group has over 225 years of successful, respected banking experience along with diverse business backgrounds and extensive involvement in public service, non-profits, and community service. Besides having founders and past Presidents of other successful community banks on our Board, our governing members include a trustee for the Disney Trust, a national expert on family businesses, a top digital forensics expert, an engineering firm owner, a former airline executive, a non-profit foundation leader, a top physician and medical facilities owner, an international trade expert who has served on the Arizona-Mexico Commission and Border Trade Alliance, partners in technology enterprises, and the owner of minor league baseball teams. For Weisz, it’s also a legacy of sorts. His father served, for many years, as a Board member of the renowned Harris Bank in Chicago which became part of BMO Harris. “So my aspirations are pretty high,” said Weisz.

“We enthusiastically welcome Scottsdale Community Bank,” said Scottsdale Mayor Jim Lane. “We are proud they have chosen to invest their capital in the future of Scottsdale. It is a compliment to our marketplace. We also recognize the value of Scottsdale Community Bank’s service to Scottsdale businesses in their continued efforts to grow and thrive. I wish them much success.”

“Scottsdale Community Bank will be a welcome addition to our banking industry and enhance the synergy in the financial services sector,” said Arizona Bankers Association President Paul Hickman of the announcement. “We have been anticipating a new community bank for quite some time in Arizona, and civic leader George Weisz has put together an exceptional team to positively add to the financial landscape.”

Weisz adds that SCB looks forward to becoming active with the highly respected Arizona Bankers Association, led so well by President Paul Hickman, Board Chair Brian Schwallie, and its Board of Directors and staff, which effectively works to promote a healthy financial services industry for our State.

Investment offers may be made only by means of the proposed bank’s Offering Circular. Shares of the proposed bank‘s common stock and any other security of such bank are NOT deposit accounts and are neither insured nor approved by the FDIC or any other federal or state regulatory agency.

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