Icon Business Bank has opened in Riverside, Calif.
The de novo opened on Aug. 22, according to the Federal Deposit Insurance Corp.
Organizers received conditional approval from the FDIC in late January. They were required to raise $22.7 million before opening the bank.
Carpenter Acquisition Corp. applied with the FDIC in May 2022 to form Icon, which operates as a unit of Icon Bancorp. Icon’s plan included branches in Riverside, Orange County, Calif.; and Clark County, Nev.
The bank provides products and services to small and midsize businesses and commercial real estate investors. The business plan including buying indirect auto loans from an unnamed company “to diversify its balance sheet and revenue streams.”
Icon is the third de novo to open in 2023.