A group in Irvine, Calif., has received approval from the Federal Deposit Insurance Corp. to open a bank.
The FDIC on Aug. 24 gave conditional approval for Beach Cities Commercial Bank. Organizers must raise $25 million before the bank can open.
The group applied with the FDIC in September.
“The bank plans to serve the banking needs of small- and medium-sized businesses, business professionals and business owners in the bank’s market areas through the provision of traditional business banking products and services tailored to those business clients’ unique needs,” the application said.
Organizers plan to open a second branch in Encinitas, Calif.
H. Kent Falk is the proposed bank’s CEO. He is a former chief credit officer at Partners Bank in Mission Viejo, Calif., according to his LinkedIn profile.
The FDIC has approved nine applications for deposit insurance this year, including six in the last two months.