Locality Bank's Final Capital Raise Secures $35 Million to Empower Local Businesses in South Florida

FORT LAUDERDALE, Fla., Dec. 3, 2021 /PRNewswire/ -- Locality Bank has completed its successful capital raise netting a total of $35 million after increasing the maximum amount from $23 million in subscriptions for stock. The first shareholder meeting will be held Monday, December 13, 2021, and then on Wednesday, January 12, 2022, Locality Bank's digital application will launch.

"January 12 is the same day Broward Bank of Commerce opened in 2009, thus we will be the first community bank to open in 10+ years in South Florida with the capital to lend," said Keith Costello, Locality Bank's CEO. "By combining cutting-edge digital solutions from our partners at NYMBUS to provide a digital-first banking model, Locality Bank will have the technological resources and enhanced tools to empower local businesses."

An official grand opening is planned to take place at Locality Bank's main office (1400 South Andrews Avenue, Fort Lauderdale) in March 2022. Temporarily, Locality Bank IO will operate out of General Provision's Downtown Fort Lauderdale location (300 SW 1st Ave, Suite 155, Fort Lauderdale) until renovations are complete.

In November 2021, Locality Bank received final approval for a state charter and FDIC secure deposit insurance. Serving Miami-Dade, Broward, and Palm Beach Counties, the bank's digital services will all be available through a mobile application. Services will include commercial banking, commercial real estate lending (for owner occupied and investment), SBA lending, and deposit and business treasury services.

Locality Bank IO will operate on a secure cloud-native core banking system with an open API architecture created by NYMBUS, a leading provider of banking technology solutions. This modernized system will allow fast iteration and new technological additions to provide a robust and engaging customer experience.

To stay up to date on the launch of Locality Bank IO in Fort Lauderdale, Florida visit https://www.localitybank.com.

About Locality Bank
Locality Bank is a digital-first community bank that will be based in Fort Lauderdale, Florida. The bank will serve local businesses by offering the traditional services of a community bank as well as user-friendly, cutting-edge technology. To learn more, contact Locality Bank by calling 954-799-0900, visiting  https://www.localitybank.com or via email at [email protected].

CONTACT: Aimee Adler 561-302-6902 or [email protected]

SOURCE Locality Bank IO