Saturday, Jun 25, 2016
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Economy

Ex-Fifth Third execs name their new bank

A new bank being started by former executives of Fifth Third Bank (Northwestern Ohio) to specialize in private banking and commercial lending has announced a name and proposed headquarters. An application to organize a national bank called Waterford Bank, with a proposed office at 5545 Monroe St., Sylvania, has been filed with the Comptroller of the Currency and the Federal Deposit Insurance Corp. The total capitalization of the bank is $25 million and 1 million shares are expected to be issued at $25 per share.

Lawrence Boyer, one of the three executives spearheading the project, said regulatory approval should come in 60 to 90 days. Along with Mr. Boyer, Michael Miller, and David White, others signing the application include local businessmen Patrick Hylant, Mark Ridenour, Marc Stockwell, and Stephen Swigart, as well as former Toledo business executive Salvatore F. Gianino, now of Bloomfield Hills, Mich.

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