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Palm Coast, Fla.-based Intracoastal Bank filed an application on May 15 to form a state-chartered community bank to serve individuals and small to medium-size businesses in the Flagler County, Fla., area.
The bank will offer traditional products and services, including money market accounts, home equity loans and lines of credit, commercial mortgage loans and construction loans. Though the bank plans to maintain a Web site for informational purposes, it does not intend to conduct any transactions over the Internet.
The bank plans to capitalize itself through an initial public offering of at least 1,352,500 shares priced at $10 per share to raise a minimum of approximately $13.5 million. Of the proceeds, $6.8 million will be allocated to common stock and $6.8 million will be...