A group is looking to form an industrial loan company in Nevada.
Capital Card Services, a credit card portfolio manager in Sioux Falls, S.D., is looking to form Capital Preferred Savings Bank in Las Vegas. The company filed an application on Thursday with the Federal Deposit Insurance Corp.
The ILC would operate with a Nevada thrift charter.
A thrift charter “will provide a channel for unused segments of the credit card universe to obtain and build credit while balancing risk with a commercial lending portfolio,” the application said.
“There is an unmet need for credit in the higher risk market,” the application added. “The thrift charter … will provide credit card products to meet this unmet need as well as small business lending to support local and regional businesses.”
Robert Farrar would serve as the ILC’s chairman.
Kevin Bender, who was the chief operating officer of American River Bank in Sacramento, Calif., from 2009 to October 2021 would be the bank’s president and CEO.
American River was sold in August to Bank of Marin.