FDIC approves Korean-American de novo bank in Los Angeles

Organizers of a proposed Korean-American bank in Los Angeles have received conditional approval from the Federal Deposit Insurance Corp.

The group behind the proposed Quantum Bank must raise $35 million in capital before opening the bank.

Organizers originally filed to open QIB Bank in March 2024 before changing the name.

“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 group’s application said.

QIB said in the application that it would be a state-chartered bank and have nine directors. Wun Hwa Choi was set to serve as president and CEO. He was president and CEO of Uniti Bank, which was sold to BayCom.