A group in Irvine, Calif., is looking to open a bank.
Organizers of Beach Cities Commercial Bank applied with the Federal Deposit Insurance Corp. on Sept. 27 for deposit insurance. They plan to raise $25 million to $27 million in initial capital, according to the application.
“The bank plans to provide better service than is currently available to customers in the bank’s market areas, using the skills and experience of a team of seasoned bankers who have been involved in the target market for many years,” the application said.
“The bank plans to serve the banking needs of small- and medium-sized businesses, business professionals and business owners in the bank’s market areas through the provision of traditional business banking products and services tailored to those business clients’ unique needs,” the application added.
Organizers plan to open a second branch in Encinitas, Calif.
H. Kent Falk is the proposed bank’s CEO. Falk is listed as a former chief credit officer at Partners Bank in Mission Viejo, Calif., according to his LinkedIn profile.