Proposed de novo Elemi Bank in Calif. gains conditional FDIC approval

Elemi Bank, a de novo proposed for Encino, Calif., has secured conditional approval from the Federal Deposit Insurance Corp.

The proposed bank’s organizers applied with the FDIC late last year. The agency is requiring organizers to raise $25 million before the bank can open.

The proposed bank would be state-chartered and focus on small and midsize companies and their owners, business professionals and real estate owners, and investors, according to the group’s initial application.

Dana Johnson would serve as executive chairman. Johnson was president and chief investment officer of MidAmerica Capital Partners, which owned significant interests in several community banks.

The board includes Michael Helmuth, a veteran banker who was group managing director at Bank of Southern California.

The FDIC has approved 10 de novo applications this year.