A group of Korean-Americans is looking to form a new bank in Los Angeles.
Organizers of QIB Bank applied on March 8 with the Federal Deposit Insurance Corp. The group is looking to raise $35 million to form a minority-depository institution.
“The bank intends to operate as a full-service commercial bank providing a wide range of traditional banking products and services to businesses and individuals in its market area, with a focus on serving the banking needs of the Korean American community,” the application said.
QIB would be a state-chartered bank and have nine directors.
Wun Hwa Choi would serve as the bank’s president and CEO. He was president and CEO of Uniti Bank, which was sold to BayCom.