For the last three (3) years we have been working on setting up an FDIC bank for the Minnesota's Somali community and the larger Muslim community who are mostly outside of the realm of formal banking system making them underbanked and unbanked with lasting generational consequences.
We have submitted an informal application with the FDIC, and we have both informal oral and written feedback besides meeting both the Minnesota Department of Commerce and the FDIC several times.
We have hired attorneys from Barack Ferrazzano Kirschbaum & Nagelberg LLP who are helping with the application process.
We strategically decided to go in a unique direction by partnering with a 75-year-old bank that already provides window products and services to the Somali and Muslim community at large. This relationship will first begin as a branch of the bank via a management service agreement ("MSA") while continuing with our de novo bank application.
We do have a Private Placement Memorandum ready that explains our relationship and goals in greater detail.
We are seeking capital for equity, and we would like to raise $10.0 million.
Please reach out to me at (651) 434-8254 and/or by email: [email protected] to discuss this further.
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