The Bank Slate


Proposed Puerto Rico de novo would be a digital bank

The group behind the proposed Nave Bank in San Juan, Puerto Rico, is planning a digital bank.

Organizers said in an application with the Federal Deposit Insurance Corp. for deposit insurance that Nava Bank will look “to provide a unique, affordable offering, and value to customers that are presently unsatisfied, underserved or unbanked.”

Nave would use “highly scalable and state of the art technology that is purely digital and with no reliance on physical branches,” the application said. “As a digital bank, the bank will take advantage of cost efficiencies, increased speed to market of its products and services, wider distribution of its products and services, and greater ease in establishing ongoing relationships with customers.”

The application listed three organizers: Francisco Antonio Navarro, Tracie Kosakowski and Damon Greenberg.

The organizers plan to structure Nave as a community development financial institution and a minority depository institution.

The group redacted sections detailing the targeted capital amount or the person selected to serve as president and CEO.

The filing listed five directors: Navarro, Carlos Garcia, Emilio Martino, Mari Evelyn Rodriguez and Fabio Garcia Passalacqua.

Garcia is a director of Professional Holding and Professional Bank in Coral Gables, Fla.

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