Organizers revisit plan to ope D.C. bank for Ethiopian-Americans

A group has rejuvenated an effort to form a bank in Washington, D.C., that would focus on the Ethiopian-American Community.

Organizers have reapplied to the Federal Deposit Insurance Corp. to create Mooddai International Bank . The application wasn’t immediately available.

Admassu Abebe is set to serve as chairman, according to the proposed bank’s website. Tekalign Gedamu is a senior adviser.

Eight Ethiopian-Americans submitted the original application to regulators in October 2023, intending to operate Mooddai as a minority depository institution. Those organizers were Abebe, Takele Argaw, Moges Gebremariam, Melaku Lakew, Solomon Lemma, Henok Tesfaye, Tesfaya Tsadik, Surafiel Yakob.

Several years ago, a group tried to form Marathon International Bank in the Washington area that would have served Ethiopian-Americans. The group eventually withdrew its application.

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