The Bank Slate


Puerto Rico de novo identifies proposed CEO

Organizers of the proposed Nave Bank in San Juan, Puerto Rico, have tapped a veteran banker to serve as its chairman and CEO. 

The group disclosed in an amended application with the Federal Deposit Insurance Corp. that Carlos Garcia would also serve as chairman and CEO of Nave Holdings, the bank’s proposed holding company. 

Garcia, who is also set to become president of commercial banking, is a director at Professional Holding and its bank. Professional recently agreed to be sold to Seacoast Banking Corp. of Florida; organizers said Garcia will not join Seacoast’s board. 

The organizing group noted that Juan Davila Lopez, another proposed director, is a senior vice president at Bank of the West in San Francisco. 

The group noted in its previous application that it will rely heavily on digital channels. The prior application redacted the section disclosing who would serve as CEO. 

Organizers plan to conduct a private placement to provide capital for Nave Holdings, which would then capitalize the bank.

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