NXG Bank could become the first de novo to be founded in Maryland in a decade. The proposed newly chartered bank would be headquartered in Howard County and target small businesses and mortgage lending using financial technology.

In addition to its focus on the needs of small and medium-sized businesses, the bank would undertake national residential lending through a subsidiary called NXG Mortgage, or NXGM, according to the application. NXGM is in the process of obtaining full-service licensure in 34 states. The remaining 16 states have exemptions that do not require state licensure.