COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — Efforts to launch a Black-owned bank in Columbus are moving forward with a $20 million fundraising push, as the bank’s leaders hope to open the bank by the end of 2022.

The Federal Deposit Insurance Corp. in late May granted conditional approval for the launch of Adelphi Bank, an effort being led by a group of Black civic leaders in Columbus.

The bank’s physical location will be at the Adelphi Quarter development in the Bronzeville neighborhood.

Now, Jordan Miller, the proposed CEO and chairman of the bank, is trying to raise about $20 million needed from investors to open the bank. The FDIC’s order hinged conditional approval on raising at least $17.6 million.

“A lot of progress has been made,” Miller told Columbus Business First. “We want to do it right and make sure we can open the doors to do what we want to do, which is to help the community get access to capital.”

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