Organizers of Genesis Bank in Newport Beach, Calif., have raised enough capital to open their proposed de novo.
The group said in a press release Monday that it brought in $57 million in a capital raise led by Stephen Gordon of Gordon Ventures and Arkview Capital.
Gordon, who is set to serve as the bank’s chairman and CEO, is the former CEO of Opus Bank. Arkview, founded by Joon Chang, Pavel Chernyshov and Vijay Mehta, is a minority-certified private equity fund focused on investing in diversity-oriented businesses.
“I am excited for this opportunity to invest in the launching of a new commercial bank headquartered in and focused on serving the diverse business and commercial real estate needs of Southern California,” Gordon said.
“As the banking industry experiences ongoing consolidation and dislocation, the market serving diverse communities, small to midsize businesses, and owners, operators, and investors in income producing multifamily and commercial real estate, continues to grow, especially during this critical time when the economy… recovers from the pandemic-driven recession,” Gordon added.
Genesis gained conditional approval from the Federal Deposit Insurance Corp. on Jan. 29. It was required to raise $53.3 million to open.
Piper Sandler and Holland & Knight advised Genesis, with Carpenter & Co. serving as a consultant. Greenberg Traurig advised Arkview.