The Bank Slate


Minneapolis group applies to form de novo bank

A group that includes the former CEO of Amalgamated Bank in New York wants to open a new bank in Minneapolis.

Organizers of AarBank applied with the Federal Deposit Insurance Corp. on Oct. 11 for deposit insurance. The application wasn’t immediately available.

A public notice filed with the Minneapolis Star Tribune listed 11 organizers, including Keith Mestrich. Mestrich was Amalgamated’s president and CEO from August 2014 to January 2021.

The other organizers are Osman Gabeire, Omar Sheikh Mohamed, Mark Ritchie, Nasreen Quibria, Archana Bae, Simon Trautmann, Abdulkader Thomas, Habon Abdulle, Christopher Brooks and Eric Ong.

Quibria is a senior adviser for NACHA who also spent more than a year as vice president of emerging payments and technology policy with the Independent Community Bankers of America.

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