New Hampton Roads bank raises $20M

Integrity Bank for Business meets stock purchase commitments

Published January 20, 2021 by Rich Griset

Integrity Bank for Business, a new bank forming in Virginia Beach, has received signed subscription agreements for stock purchases totaling $20.285 million, it announced Tuesday.

Former Heritage Bank President and CEO Mike Ives plans to open Virginia Beach-based Integrity Bank for Business in April 2021.

By Jan. 15, Integrity had received subscription agreements of $19.935 million by the closing date of the first phase of its stock offering; additional agreements of $350,000 were pending on that date, but not delivered until later. Integrity’s stock offering is for a minimum of $20 million and a maximum of $23 million.

With the first phase of the stock offering now complete, Integrity is moving into the second phase, which may have a broader scope. It plans to close the offering for new subscription agreements when it has either raised $23 million or on Feb. 19, 2021, whichever comes first.

Helmed by former Heritage Bank President and CEO Mike Ives, Integrity features many Heritage alumni. Heritage was the last new Hampton Roads-headquartered bank, and focused on business customers before it merged with Southern Bank in 2016. Integrity is headquartered in Virginia Beach’s Lynnhaven area, where the bank will also locate its initial branch office. It plans to open for business in April 2021.

“We are very excited about the reception that we are receiving in our community for our offering. We have already reached our minimum offering amount and have pending more expressions of interest for additional subscription agreements,” Ives said in a statement. “Integrity has filed its applications with the Virginia Bureau of Financial Institutions for a Virginia bank charter, the Federal Deposit Insurance Corporation for deposit insurance, and for the Federal Reserve Bank of Richmond for membership in the Federal Reserve System. So far, we have not been notified of any material issues with any of our applications other than the usual requirements for completion of the application processes and for approval.

“Assuming that Integrity completes its stock offering and receives approval of its regulatory applications, Integrity projects that it will open in the second quarter of 2021.”