Hampton Roads bank receives regulatory approval

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.”

Formed with many alums from Heritage Bank, which merged with Southern Bank in 2016, Integrity will be focused on serving small business owners and professional firms in southern Hampton Roads.

Integrity plans to open for business in early May. Integrity is headquartered in Virginia Beach’s Lynnhaven area, where the bank will also have its initial branch office.

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