Organizers of a proposed community bank in California have received conditional approval from the Federal Deposit Insurance Corp.
The proposed Altos Bank in Los Altos, which plans to focus on small businesses, must raise $25 million before opening.
Tom Vertin is set to become the bank’s CEO. He was president and CEO of Golden State Bank.
The FDIC has granted conditional approval to eight proposed banks in 2024. Four States Bank in Missouri and Nova Bank in Alabama have opened this year.