The Federal Deposit Insurance Corp. has given conditional approval for organizers to form Icon Business Bank in Riverside, Calif.
The FDIC said in its order that organizers must raise at least $22.7 million before they can open the proposed bank.
Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which would operate as a unit of Icon Bancorp. Icon would have branches in Riverside, Orange County, Calif.; and Clark County, Nev.
The bank would provide products and services to small and midsize businesses and commercial real estate investors, according to the application for deposit insurance. It would also buy indirect auto loans from an unnamed company “to diversify its balance sheet and revenue streams.