Organizers of a proposed community bank in California have received conditional approval from the California Department of Financial Protection and Innovation.
The proposed Altos Bank would be based in Los Altos and focus on small businesses.
“We are thrilled to receive the approval … and embark on this exciting journey,” Steven Chang, Altos Bank’s founder. “Our mission is to foster the growth and success of both individuals and businesses in Silicon Valley by providing personalized banking solutions, cutting-edge technology, and exceptional customer service.”
Tom Vertin is set to become the bank’s CEO. He was president and CEO of Golden State Bank.
The group still needs approval from the Federal Deposit Insurance Corp. for deposit insurance.