President, CEO and Founder of Integro Bank, Thomas J. Inserra announced today that it received final regulatory approvals from the State of Arizona and the Federal Deposit Insurance Corporation (FDIC) to disburse its capital from escrow and open the bank. This means the bank is now legally chartered and that its customer deposits have federal deposit insurance protection from the FDIC.
“Our team successfully collected approximately $29.0 million in capital from 207 business owners and individual shareholders who invested in our common stock. They are now co-owners of the bank”, said Inserra. “Many indicated that our ‘Why’ and our Mission resonated. Our Mission is to help small businesses grow and increase employment. Our ‘Why’ is because increasing employment at small businesses lifts people up and transforms lives.”
The bank will continue to raise capital under the terms of its offering materials while it completes final testing of its digital technologies and its innovative Integro360™ services, which were designed as a consultative solution to help small businesses accelerate growth.
Chief Banking Officer Mary Borg stated: “With 85% of small business owners indicating they are unhappy with their bank, we are experiencing strong interest for Integro360™ services from both investors and prospective small business clients, because it is viewed as a compelling differentiator setting us apart from other banks.”
“As a result of strong demand, we are requesting that small business owners and potential clients contact us to schedule a meeting to learn about Integro360™ and the unique services of the bank,” said Marcelo Mills, Head of Business Banking. Mills stated: “We wanted to organize all the inquiries, so we added a Reservation request button on the www.integrobank.com website so it is easy to schedule a meeting convenient for each person.”
Integro Bank first applied for its banking charter on June 15, 2021 and, since then, its officers participated in capital raise activities, organizing the bank and developing its technology and services.
In commenting about the bank’s launch, Chief Innovation Officer Elaine Szeto said: “Investors expressed the “wow” factor upon learning about Integro360™ and our innovative technology solutions. Investor interest in privately-held stock in light of recent market volatility also contributed to the success of our capital raise.”
“Be sure to watch for an announcement in July, regarding the next phase of our launch,” said Thomas Inserra. “July will be an opportunity for small business owners to declare their independence from banking service providers who are not meeting their needs.”