Bank Irvine has officially opened.
The California de novo bank debuted on Tuesday, according to the Federal Deposit Insurance Corp.
Organizers received conditional approval from the FDIC on Aug. 24, which required the group to raise $25 million to open the bank.
The group, which plans to open a second branch in Encinitas, Calif., 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.
H. Kent Falk is the bank’s CEO. He is a former chief credit officer at Partners Bank in Mission Viejo, Calif., according to his LinkedIn profile.
Several other banks have opened in recent weeks, including Bank of Burlington in Vermont (Aug. 2), Texas Traditions Bank in Katy (Sept. 6), GS&L Municipal Bank (Sept. 16) and Walden Mutual Bank (Oct. 5).