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FDIC gives stamp of approval to newly formed local bank

April 1, 2021 - The Federal Deposit Insurance Corp. has granted conditional approval for Climate First Bank, a new bank to be headquartered in St. Petersburg, to receive deposit insurance. The FDIC order, issued March 26, carries 12 requirements — such as the raising of at least $17 million in capital by the bank’s organizers — that must be met in order for the bank to open as scheduled. Climate First Bank, founded by Ken LaRoe, plans to open in the spring and last month tapped two local banking veterans to be part of its executive leadership team.

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