Savi Financial in Mount Vernon, Wash., has received conditional approval from the Federal Deposit Insurance Corp. to create a new bank.
Savi Financial plans to form Orca Bank, which would then buy SaviBank’s Bellingham, Wash., branch. Formation, capitalization, and the acquisition will occur simultaneously with plans to open Orca in the first quarter.
“We are very pleased to have received regulatory approval from the [FDIC] and we are currently awaiting regulatory approval from the Federal Reserve,” Michal Cann, Savi Financial’s chairman and president, said in a press release.
Drew Wilkens would serve as Orca Bank’s president. Cann would be chairman and CEO of Orca Bank and Drew Wilkens will be President of Orca Bank.
The release didn’t share any capital requirements, though Savi has said it plans to raise $1 million from Orca organizers and directors and contribute another $14 million of capital as part of the reorganization process.
The FDIC has given conditional approval for five de novos this year.