A financial services team from Nelson Mullins represented the organizers of Community Unity Bank in Birmingham, Michigan, which officially became an insured depository institution on June 26, 2023. The bank was capitalized with $28.6 million from its initial closing of a common stock offering. It is only the second state bank to open in Michigan since the Great Recession. Partners Brennan Ryan and Ben Barnhill led the project for Nelson Mullins, assisting the bank organizers from the initial planning stages through the filing and approval of the regulatory applications and the offering of common stock to raise capital for the new bank.

Community Unity Bank will be led by Andy Meisner, who will serve as the bank's chief executive officer, and by board chairman, Ron Klein. The bank, which will focus on consumers and small businesses in southeastern Michigan, is planning its grand opening shortly after Labor Day. For articles regarding the Bank, read here and here.

Community Unity Bank is just the third de novo bank to open in 2023. The firm is also representing other organizer groups that are exploring de novo bank charters and other alternative bank acquisition strategies.