Integrity Bank for Business Announces Opening for Business
May 3, 2021
Integrity Bank for Business (“Integrity”) is pleased to announce that it opened for business on May 3, 2021. Initially, Integrity is offering lending services to (1) local businesses and professional firms including lines of credit, term loans, and owner occupied commercial real estate loans, (2) developers and investors in local commercial real estate loans, and (3) local entrepreneurs for financial investments.
Integrity’s initial Board of Directors consists of Peter Meredith as Chairman and David Arias, David Kaufman, Matt Nusbaum, Allan Parrott, Van Rose, and Donna Scassera.
Integrity’s Senior Management consists of:
Michael Ives, President, Chief Executive Officer, and Chief Credit Officer;
The members of this management team have been engaged in local community banking for many years and have the experience and knowledge to undertake the challenges of opening a new bank. Neal Crawford was the President of Monarch Bank for seven years and led its business development programs. Michael Ives was the President and Chief Executive Officer of Heritage Bank for eleven years. The remainder of the management team also worked at Heritage Bank and have roles and responsibilities at Integrity almost identical to the roles and responsibilities they had at Heritage Bank. Michael Ives, President and Chief Executive Officer, commented: “Our opening on May 3rd was the culmination of a multi-faceted process throughout 2020 and the beginning of 2021 to bring a completely local community bank to Virginia Beach, Norfolk, and Chesapeake. Appropriate capital, regulatory approval, and operational readiness are essential elements for a new bank to open. With our veteran local banking team, we embraced these challenges with unbridled optimism that Integrity would open for business and serve our clients, our community, and our shareholders with distinction in the years ahead.”
In addition, Integrity is announcing the creation of three Advisory Boards, the Founders Board, the Leadership Board, and the Vision Board, to assist and advise Integrity in its growth. The Founders Board will be composed of some of Integrity’s largest shareholders who will meet and discuss with Integrity’s management Integrity’s financial performance and opportunities for growth. The Leadership Board will be composed of a group of business leaders who are banking clients and who wish to assist Integrity with the evaluation and enhancement of its services and opportunities for growth. The Vision Board will be composed of emerging business leaders who are banking clients and who wish to learn more about banking and to assist Integrity with its corporate mission of serving the needs of the local business community.
Neal Crawford, Chief Development Officer and Integrity’s primary liaison with its Advisory Boards, commented: “We are humbled by the amazing level of support that we received from our investors in the middle of the pandemic and by the strong expressions of interest from the business community for banking with us, particularly from former clients of our management team. Our Advisory Boards will be critical partnerships for us to achieve our goal of serving our clients with distinction.
“Integrity is the first new community bank in Virginia Beach, Norfolk, or Chesapeake since 1998, and Integrity will be truly local as it will be focused exclusively on our community.”
This press release contains forward-looking statements within the meaning of the federal securities laws. The words “may,” “will,” “anticipate,” “should,” “believe,” and “expect,” as well as other similar words and expressions of the future, are intended to identify forward looking statements. These statements are based upon the current expectations and beliefs of proposed bank’s management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the proposed bank's control. In addition, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale thereof in any state in which such offer, solicitation, or sale would be unlawful.