The Bank Slate


California de novo launches entrepreneurship division

Genesis Bank in Newport Beach, Calif., has created a program to support entrepreneurs.

The $57 million-asset de novo said in a press release Wednesday that it had formed the Genesis Bank Institute for Entrepreneurship, a business accelerator and advisory division. The group will focus on accelerating entrepreneurship and growth for businesses, government and municipal entities, commercial enterprises and nonprofits. 

Through partnerships, Genesis would offer trust and estate planning, insurance, leadership development and strategic planning services. Other services could include employment law, human resources, accounting, tax, legal, cybersecurity and marketing. 

The bank, which opened this summer after raising $57 million in initial capital, hired Ed Hart, who previously led California State University, Fullerton’s Center for Family Business, to oversee the division. 

“As one of only two diverse, multiracial minority depository institutions in the entire U.S. … we believe the launch of GBIE is a tremendous opportunity for Genesis Bank to impact and accelerate businesses in our communities,” Stephen Gordon, the bank’s chairman and CEO, said in the release. 

“Ed’s extensive background and experience working with family businesses within our target markets provides for a proven platform that we can leverage and build upon, with the backing of the bank’s resources, talent, technology, services, and solutions,” Gordon added.

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