Elemi Bank, a proposed bank in California that received conditional approval from the Federal Deposit Insurance Corp. last fall, will not open.
The FDIC updated the proposed de novo’s status with no explanation why organizers scrapped their plans for the bank. The agency had required organizers to raise $25 million before opening Elemi.
The group behind the bank applied with the FDIC in late 2023. The proposed bank would have been state-chartered and would have focused on small and midsize companies and their owners, business professionals and real estate owners, and investors.
Dana Johnson was set to 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 would have included Michael Helmuth, a veteran banker who was group managing director at Bank of Southern California.