New Bank Forming in Virginia Beach: Integrity Bank for Business (In Organization) Geared Toward Small Businesses

Tuesday, March 16, 2021

Virginia Beach, Va. (March 16, 2021) — The first new regional bank since 2005 got one step closer to opening its doors with the help of an Economic Development Investment Program grant in the amount of $20,000 approved today by the Virginia Beach Economic Development Authority.

Integrity Bank for Business (In Organization)* is a new, business-focused financial institution that will provide clients one-on-one time with C-suite decision-makers. The grant is based on the company’s creation of 13 new jobs with salaries exceeding $75,000, excluding benefits. The company will occupy 5,186 square feet of space at the Reflections Office Park (2901 S. Lynnhaven Rd., Suite 100). As part of this project, Integrity Bank for Business (In Organization) will invest a minimum of $541,000 in Virginia Beach for furniture, fixture, and construction improvements.

“On behalf of the investors, board of directors, management team, and many supporters of Integrity Bank for Business (In Organization), we are extremely pleased with the generous support and outstanding assistance provided by the Virginia Beach Department of Economic Development. We are very proud and honored to be the only locally owned, managed, and headquartered community bank in Virginia Beach and look forward to opening for our clients soon serving the banking needs of the business community,” said Michael S. Ives, key principal, Integrity Bank for Business (In Organization).

“Integrity is filling an important niche in our business community and we’re glad to have been a part of its beginning,” said Virginia Beach Economic Development Director Taylor Adams.

The company is awaiting final approvals from banking regulatory agencies, and plan to open for business during the second quarter of 2021.

The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach was named America’s #1 Best Big City to Live in and 3rd Hardest-Working City in America by wallethub.com. For more information, visit www.yesvirginiabeach.com.

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* Federal law requires the company to use the (In Organization) designation until it has received all of the necessary approvals to open a bank, which are expected sometime in the next couple of weeks.


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