New bank charter applications of 2022: Digital native BetaBank refiles

The organizers of Chicago-based BetaBank re-applied for deposit insurance with the Federal Deposit Insurance Corp. on April 28. The digital bank looks to serve small to medium-sized businesses and will initially target the networks of its organizing group and investors.

On May 3, Riverside, Calif.-based Icon Bank filed for deposit insurance to operate as a full-service commercial bank and is seeking to open three branches.

According to Icon's application, the company will be headquartered in Riverside County with another branch in Orange County, Calif., and a third branch in Clark County, Nev. The bank's primary clients will be small and medium-sized businesses and commercial real estate investors in its market area.

Phoenix-based Western Alliance Trust Co. NA filed a banking charter application with the Office of the Comptroller of the Currency on April 12 to open a nondepository trust bank.

According to Western Alliance Trust's application, the proposed bank plans to offer a full suite of corporate trust and agency services to institutional customers. It will be a wholly owned company of Western Alliance Bancorp. and will be led by Dale Gibbons, Western Alliance Bancorp.'s vice chairman and CFO.

Western Alliance Trust is not expected to engage in transactions with its parent company or affiliates, except to process customer balances in an omnibus account at Western Alliance Bank, the application read.

Withdrawn applications

A number of would-be de novo digital banks have endured extended back and forth with the FDIC.

Boca Raton, Fla.-based PayServices and Salt Lake City-based GreatAmerica Bank withdrew deposit insurance applications March 22 and March 16, respectively.

PayServices has withdrawn its deposit insurance application three times since initially filing in March 2021. However, the company is optimistic that it will eventually gain approval and begin operations as a digital bank.

GreatAmerica's withdrawal came two years after it originally filed with the FDIC in March 2020.