New bank in Grandville launches capitalization program

After more than two years of planning, area executives with ties to the banking industry are close to forming Grand River Bank in Grandville with the intent to serve small business customers.

According to excerpts from the story:

The organizers of Grand River Bank have raised 85 percent of the capital needed to open their bank in Grandville, and one of the things that will set their bank apart when it opens is a clean balance sheet.

Grand River Bank currently has 424 subscribers who have purchased subscriptions for $10 each. The subscriptions will be converted to common stock after the bank raises the remaining capital required and after the Federal Deposit Insurance Corp. performs an audit and agrees to provide deposit insurance, said bank Chairman Robert Bilotti.

Read the complete story here.