EntreBank has opened in Bloomington, Minn., just seven months after filing its application with the Federal Deposit Insurance Corp.
The de novo opened after receiving conditional approval from the FDIC in January and raising nearly $45 million of initial capital, exceeding what was stipulated in the agency’s order.
Organizers applied with the FDIC for deposit insurance in August. They changed the proposed bank’s name from Brava Bank to EntreBank.
The bank is as a unit of Entrepreneurs Bancshares. The principal investor is the Entrepreneurs Bancshares Revocable Trust of Daniel A. Boeckermann.
Daniel Boeckermann is the chairman. Timothy Viere is CEO.
EntreBank is Minnesota’s first de novo since Minnesota Bank & Trust opened in 2008.