Studio Bank has exceeded its goal of raising $40 million in initial capital, which satisfies the minimum amount stated in the organization’s regulatory applications.
The bank raised this funding from over 325 subscribed investors, with most of the campaign efforts focused over four months between October 2017 and January 2018. Over 85 percent of the bank’s shareholders will be local Nashville-area investors.
“We are honored by such a phenomenal response from the Nashville community,” said Aaron Dorn, Chairman, President, & CEO. “This level of local support is an emphatic confirmation that Nashville needs a modern bank to serve its amazing creators with a unique and boutique approach to banking. That’s the very reason we’re starting this company.”
Nashville music industry executive Ron Cox, who serves as co-founder of Studio Bank, and was previously co-founder of Avenue Bank, serves as Executive VP of Studio Bank and oversees the music, arts, and entertainment division.
The founding team continues to focus its attention on completing the regulatory approval process and preparing for its official launch anticipated later this year.
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