Purpose of Jamestown Bank is to bring in local control. (planned Jamestown Savings Bank)

State regulators are tentatively set to act in mid-October on an investor group's request to authorize the raising of $8 million in sale of stock for a new bank in Jamestown.

If approved by the state Banking Board at its Oct. 13 meeting, the group would have 90 days to sell $6.8 million to $8 million in common shares. Proceeds would capitalize the bank, which supporters hope to have operating in the first quarter of 1995.

If the capital is raised, the next-to-last step before the bank would open would be to secure backing from the Federal Deposit Insurance Corp. The state then would give final authorization and a charter, a spokesman said.

In a conditional …