The Federal Deposit Insurance Corp. has given conditional approval for two proposed banks.
The FDIC has signed off on the applications for Bank Irvine in California and GS&L Municipal Bank in Gouverneur, N.Y. – with some final steps requires before the banks open.
Organizers of Bank Irvine must raise $25 million. GS&L, a commercial bank proposed by Gouverneur Bancorp, will need $2.5 million of initial capital.
Bank Irvine, which applied with the FDIC in mid-November, will primarily work with the Chinese-American community in Orange and Los Angeles counties. It is looking to operate as a minority depository institution.
Paul Peng is set to become the Bank Irvine’s CEO.
Gouverneur Bancorp has been seeking a charter because New York state law bars mutuals from working with municipalities.
The FDIC has given conditional approval for eight proposed banks, including five in July.