A proposed Korean-American bank in Los Angeles will not open.
The Federal Deposit Insurance Corp., which gave founders of the proposed Quantum Bank conditional approval in July 2025, disclosed that the bank will not open. No other details were shared.
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 with 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.