Proposed United Development Bank in Washington gets FDIC approval

A proposed bank in Bellevue, Wash., has received conditional approval from the Federal Deposit Insurance Corp.

Organizers of the proposed United Development Bank must raise $15 million before opening. The group, which aims to operate as a minority depository institution (MDI), applied to regulators in August.

Charlie Guildner, a former president and CEO of North Cascades Bank, would serve as president and CEO.