Former Heritage Bank President and CEO Mike Ives plans to open Virginia Beach-based Integrity Bank for Business in May.
Integrity Bank for Business, a new bank forming in Virginia Beach, has received all necessary regulatory approvals to open for business as a bank, it announced Wednesday.
The approvals obtained include: the issuance of a Virginia state bank charter from the Virginia State Corporation Commission and the Virginia Bureau of Financial Institutions; deposit insurance from the Federal Deposit Insurance Corp.; and being accepted as a member bank of the Federal Reserve System by the Federal Reserve Bank. These approvals contain the usual operational and regulatory conditions to open a new bank.
“This was an arduous process from the standpoint of drafting the voluminous documentation required for the regulatory approvals of a new bank,” said Integrity President and CEO Michael S. Ives in a statement. “All three regulatory agencies were thorough and thoughtful in reviewing our applications.”
