The Federal Deposit Insurance Corp. granted conditional approval to First Bank of Central Ohio's de novo bank application.

The approval for deposit insurance was granted Jan. 5, according to the order from the FDIC. The community bank will be based in Worthington, Ohio, and will offer traditional products and services to small and medium-sized businesses and individuals in the Columbus, Ohio, metropolitan area.

The FDIC requested the organizers raise at least $20 million in initial paid-in capital. The organizers have not established a bank holding company. The opening capital of the bank will be realized from a private placement offering of a minimum of 2,015,100 shares and a maximum of 4,015,100 common shares at a price of $10.00 per share, according to the FDIC's order.