A group in Traverse City, Mich., is looking to form a de novo bank.
Organizers of the proposed Sovereign Bank applied with the Federal Deposit Insurance Corp. on Tuesday for deposit insurance.
The bank will be focused on real estate lending, consisting of commercial real estate loans, multifamily loans and home equity loans, the application said. Sovereign will also be active in commercial business loans and, on a smaller scale, engage in residential mortgage lending.
The bank plans to open by the first quarter of 2023.