The group looking to form Tidestone Bank in Coral Gables, Fla., already have banking chops.
Organizers include members of the Monasterio family, who own Banco Ganadero in Bolivia, and Lou Ferreira, a former national bank examiner. Ferreira, set to become president and CEO, was previously brought in to remediate issues at Eastern National Bank in Miami, which was operating under a consent order.
The Monasterio family once tried to buy a controlling stake in Eastern.
Due to the Monasterios’ ownership of the Bolivian bank, the organizers said in their application that they are willing to limit dealings between the proposed Tidestone and affiliated foreign entities.
The business plan is straightforward. Tidestone aims to be a state nonmember bank that offers commercial/CRE loans, trade finance, mortgages, consumer credit and core deposit products.
Organizers plan to raise $20 million of initial capital, with another $3 million to $5 million of organizational costs funded separately by the organizers.