Entrust Bank, a de novo planned for Los Altos, Calif., aims to become a minority depository institution (MDI) focused largely on the area’s Asian-American population.
Organizers said in their application with the Federal Deposit Insurance Corp. that most of the proposed bank’s board represent minority groups. Entrust will primarily target small and midsize businesses, real estate owners and individuals in Santa Clara and San Mateo counties.
The organizing group, which filed its application last month, plans to raise $25 million of initial capital.
The application did not disclose the identity of the proposed bank’s CEO, though it noted that the individual has 40 years of experience including leadership positions at community banks.
Thomas Tolda would serve as chief financial officer. Tolda previously served as CFO at Revolut, according to his LinkedIn profile.
Dante Tosetti, a former chief credit officer at Beacon Business Bank, would have the same post at Entrust.
The filing noted that John Rossell, former CEO of California Bank of Commerce, will serve on the proposed bank’s board.