Organizers are planning a de novo bank in Culver City, Calif.
A group filed an application earlier this year with the Federal Deposit Insurance Corp. for Culver Community Bank. The Bank Slate recently obtained the redacted version of the application.
Benjamin Donel is listed as the proposed bank’s chairman. He is the managing member of Sunset Equity Funding, a private asset firm that buys loans that are in default and REO properties.
The proposed bank has four other directors, including Pasha Behzadi, a retired regional bank executive for Wells Fargo, retired bank CFO Wayne Masuda, and an unnamed CEO.
Organizers plan to raise $25 million of initial capital.
Another group is looking to open QIB Bank, a proposed de novo, in Los Angeles.