Mercury gets FDIC nod
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Mercury received conditional approval for deposit insurance Tuesday, but "there's still work between here and opening Mercury Bank's virtual doors," its founder said. Mercury received a conditional nod for deposit insurance Tuesday, more than 260 days after submitting its application to the Federal Deposit Insurance Corp. Mercury Bank N.A., headquartered in Salt Lake City, must provide initial paid-in capital of $300 million to open, and submit background information for each of its proposed senior executive officers not previously submitted with its application. The proposed bank must also obtain prior written approval for proposed changes to management, ownership or control; and will need to submit a complete shareholder list for its parent company. "I started Mercury in 2017 because I wanted to build the bank I wished had existed when I was running my previous companies," Immad Akhund, Mercury founder, said in a LinkedIn post Wednesday. "Going from a fintech that partners with banks to a tech company with an actual bank has been the vision from the beginning." Mercury Bank is projected to open next year. But "there's still work between here and opening Mercury Bank's virtual doors," he wrote. While the Office of the Comptroller of the Currency gave it conditional charter approval in April, the Federal Reserve still needs to approve the firm's bank holding company...
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