A group in Irvine, Calif., is looking to form a minority depository institution.
Organizers applied with the Federal Deposit Insurance Corp. on Nov. 18 for Bank Irvine. The proposed bank, which will primarily work with the Chinese-American community in Orange and Los Angeles counties, is looking to become an MDI.
The proposed bank “will be a commercial bank focused on providing traditional banking products and services to local small- and medium-size businesses, business owner, real estate owners and investors, and other individuals,” the group said in its application.
Patrick Fields is expected to serve as the bank’s chairman.