The Federal Deposit Insurance Corp. has given conditional approval for a proposed bank in Bloomington, Minn.
Organizers of EntreBank must raise $32 million before opening the bank, according to the FDIC’sJan. 27 approval.
Organizers applied with the FDIC for deposit insurance in August. They changed the proposed bank’s name from Brava Bank to EntreBank.
The bank would operate as a unit of Entrepreneurs Bancshares. The principal shareholder would be the Entrepreneurs Bancshares Revocable Trust of Daniel A. Boeckermann.
Daniel Boeckermann would serve as the bank’s chairman, while Timothy Viere would be the CEO.