Committed to
FINANCIAL SUCCESS Gainey Business Bank receives conditional approval from FDIC
G By Kamala Kirk
ainey Business Bank recently received conditional approval from the Federal Deposit Insurance Corp. to establish a new community bank
in Scottsdale. Since 2008, community banks have been on the decline, making it challenging for smaller businesses to gain access to capital, says Jim Unruh, Gainey Business Bank chairman. At present, there are only four community banks in the Phoenix metro market. “There were a larger number of community banks in the past, but then the Great Recession came and many of those banks were either acquired by out of state banks or were overloaded with real estate and had to sell,” Unruh says. “For the next 10 years, only 21 or 22 new banks had been approved. The FDIC now recognizes the need for more community banks, and they’ve been very supportive of our efforts to start a new community bank in this market.” As a community bank, GBB will concentrate on commercial, industrial and health care business sectors, bringing the extensive local market experience of executive management and its board to benefit customers. “Our focus is on the local market, businesses that are small to medium size,” Unruh says.
Jim Unruh became the chairman of Gainey Business Bank after spending 28 years with JPMorgan Chase as its chairman and CEO. (Photo courtesy of Gainey Business Bank)
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