Former Heritage Bank President and CEO Mike Ives plans to open Virginia Beach-based Integrity Bank for Business in April 2021.
Integrity Bank for Business, a new bank forming in Virginia Beach, has received signed subscription agreements for stock purchases totaling $20.285 million, it announced Tuesday.
By Jan. 15, Integrity had received subscription agreements of $19.935 million by the closing date of the first phase of its stock offering; additional agreements of $350,000 were pending on that date, but not delivered until later. Integrity’s stock offering is for a minimum of $20 million and a maximum of $23 million.
With the first phase of the stock offering now complete, Integrity is moving into the second phase, which may have a broader scope. It plans to close the offering for new subscription agreements when it has either raised $23 million or on Feb. 19, 2021, whichever comes first.
