The Bank Slate


Ethiopian-American bank organizers plan to raise $22M

A group of eight Ethiopian-Americans in Washington, D.C., plan to raise $22 million in initial capital for the planned Moodai International Bank.

The organizers intend to operate the proposed de novo at a minority depository institution, according to their application with the Federal Deposit Insurance Corp.

The organizers are Admassu Abebe, Takele Argaw, Moges Gebremariam, Melaku Lakew, Solomon Lemma, Henok Tesfaye, Tesfaya Tsadik, Surafiel Yakob.

The application did not disclose the identity of any officers, including the proposed CEO.

The Ethiopian American Investment Group, the entity behind the de novo effort, said on the proposed bank’s website that it would be the nation’s first Ethiopian-American-owned bank.

“Our mission is to help our community reach their financial goals, whether large or small,” the webstie said. “We are committed to offering competitive rates and providing innovative products that meet our customers’ unique needs. Our knowledgeable and experienced team is dedicated to delivering personalized service and guidance.”

The application comes five years after a group tried to form Marathon International Bank in the Washington area that would have served Ethiopian-Americans. The group eventually withdrew its application.

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