A Huntsville group has filed an Interagency Charter and Federal Deposit Insurance Application with the Federal Deposit Insurance Corporation for deposit insurance for a new bank.

According to a news release from organizer Marc Minish, the proposed name for the bank is Nova Bank. The organizers plan to also file an application with the Alabama State Banking Department for a state bank charter, the release said.

[displayAds title=”Google Fiber”]

The proposed bank will be at 532 Madison Street. Pending meeting equity requirements and regulatory approvals, the bank plans to open in 2022, the release said.

“We are excited about this first step toward providing Huntsville and the surrounding area with a locally owned community bank,” Minish said. “There is a need for a bank that is locally owned and managed, and we plan to meet that need with stellar personal service, local decision making and innovative technology.”

The organizers are Minish, Timothy Allsopp, Keri B. Butler, Christina B. Rutledge, Bo Cochran, J. Russ Hayles, Thomas “Trey” Hodge III, Travis Howard, T. Markus Khouri, W. Burton Moffett, Dennis Norton, Craig R. Paulus, Chris Ray, Darrell Wates, and Jesse Whitfield.