Henry Coaxum, a local entrepreneur with a background in running McDonald’s franchisees, has launched Nola Bank in New Orleans, marking the first new bank chartered in Louisiana in over a decade. The bank, based at 1100 S. Carrollton Ave., aims to address gaps in the local banking market, particularly by serving minority communities.
With $29 million in initial assets raised from Coaxum’s board and other investors, Nola Bank is applying for minority depository institution designation, which would make it the second in Louisiana. The bank’s goal is to provide a more personalized banking experience that many clients have lost amid the wave of bank mergers in recent years.
Coaxum has assembled a team of experienced executives, including Joe Omner as president and CEO, and Chris Shah as senior executive vice president and chief banking officer. They hope to grow the bank’s client base by targeting underserved communities.
While Nola Bank is currently operating from a trailer on its property, it will eventually move to a renovated building, with a goal of completing construction by December. The bank plans to focus on profitability within three years, working under an aggressive business plan.
