American Banker, February 8, 2023, Black-Owned Bank in Ohio is First De Novo Approved in 2023
Adelphi Bank, a Black-owned de novo in Ohio, won regulatory approval to become the first new U.S. bank of the year.
Adelphi, a minority depository institution, was cleared for opening by the Federal Deposit Insurance Corp. and is planning to launch in the coming months. Based in Columbus, it will join 20 other Black-owned depository institutions in the country and become the sole Black-owned bank in Ohio.
Banks that receive the minority depository institution designation, or MDI, are eligible for support from government and private-sector backers. To achieve MDI designation, a bank must have 51% minority ownership and board membership.
