A bank holding company in Washington state wants to open a second bank.
Savi Financial in Mount Vernon, Wash., has applied with the Federal Deposit Insurance Corp. for deposit insurance for the proposed Orca Bank. Savi is already the parent company for the $494 million-asset SaviBank.
Savi said in a press release Thursday that Orca would buy SaviBank’s branch in Bellingham, Wash.
“The formation of Orca Bank came from a local group of community-minded businesspeople from Whatcom County, with the help of Savi,” Michal Cann, Savi’s chairman and president, said in the release.
“This standalone community bank is focused on serving the communities in Whatcom County,” Cann added. “This transaction will enable us to better serve the banking needs of Whatcom County, with a local board … and management making local decisions.”
Cann would serve as Orca’s chairman and CEO, while Drew Wilkens would be its president.
Orca’s organizers, based on a public notice, are Cann, Wilkens, Lydia Bennett, Keith Carpenter, Julian Greening, Rogan Jones, Chester Lackey, Manuel Llanos, Regan Walker Sayres, Ali Taysi and Richard Tremaine.