A group in Washington, D.C., is looking to form a bank to serve Ethiopian-Americans.
Organizers of the proposed Moodai International Bank submitted an application on Oct. 5 with the Federal Deposit Insurance Corp. for deposit insurance. The application wasn’t immediately available.
The Ethiopian American Investment Group 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 group 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.”
Organizers are looking to raise $20 million to $30 million in initial capital.
The application comes five years after a group tried to form Marathon International Bank in the Washington area that would have served Ethiopian-Americans.
A board dispute led to the departure of Marathon’s proposed president. The group eventually withdrew its application.
It is unclear how many, if any, of Moodai’s organizers were tied to the Marathon effort.