A proposed bank in Colorado has a business plan that involves dealing in precious metals.
Organizers of the proposed Battle Bank in Avon said in their application with the Federal Deposit Insurance Corp. that the de novo plans to offer clients opportunities to buy, sell, take delivery of, and store non-FDIC insured precious metals. The bank would also originate loans backed by precious metals.
Those metals could include gold, silver, platinum and palladium, the application said.
Battle, which would have a national charter and be a unit of Battle Financial, also plans to develop and offer a deposit sweep service to registered investment advisers.
Organizers said they expect Battle’s broader model “will attract financially sophisticated, self-directed, mass-affluent customers with a diverse base of small and medium-sized business customers.”
Battle Financial, the bank’s sole shareholder, would issue shares in exchange for $120 million of initial capital.
Frank Trotter would be chairman and CEO, while Vinnie Amato would be director of operations. Trotter and Amato have held roles at EverBank, which was sold to TIAA.