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New bank charter applications of 2021: Beach Cities Commercial Bank files

Irvine, Calif.-based Beach Cities Commercial Bank has filed for deposit insurance and is seeking to open two branches.

In its deposit insurance application with the Federal Deposit Insurance Corp., Beach Cities said that it will be headquartered in Irvine to serve the Orange County market, while a second full-service branch in Encinitas will serve the San Diego County area.

The bank's primary clients will be small and medium-sized businesses, business owners, and business professionals. The bank will offer traditional deposit and loan products, as well as money management services. Its first clients will be from business contacts referred by the proposed directors.

Beach Cities assured regulators in its application that management is capable of leading two branches at the same time. "Part of the rationale in assembling the executive team and proposed board has been not only to have people with strong ties to each location, but also to be sure that the proposed bank has people with experience and expertise in operating more than one office," the application read.

The bank will be led by Kent Falk.

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Recent events

Sept. 1: Concord, N.H.-based Walden Mutual Bank filed for deposit insurance with the FDIC.

Walden Mutual is the first mutual savings bank to seek a charter since Volunteer Federal Savings Bank was established in 1973. It will initially focus on lending to agriculture and farm businesses and will be led by Charley Cummings, founder and chairman of meat distributor Walden Local Inc.

Aug. 24: Fort Lauderdale, Fla.-based Multi-Bank's application was returned by the FDIC. – Application

Aug. 11: Chicago-based Beta Bank withdrew its deposit insurance application from the FDIC. – Application

Aug. 12: Scottsdale, Ariz.-based Gainey Business Bank's deposit insurance application was approved. – Application

Aug. 9: Draper, Utah-based Brex Bank withdrew its deposit insurance application with the FDIC. – Application

Aug. 2: Bloomington, Minn.-based Brava Bank filed for deposit insurance with the FDIC. – Application

Brava Bank will serve the Twin Cities metro area, offering traditional banking services to small businesses. Co-founder Timothy Viere will lead the bank as CEO.

Aug. 2: Huntsville, Ala.-based Nova Bank filed for deposit insurance with the FDIC. – Application

Nova Bank will focus on high net worth individuals, small retail investors, residential home developers, and families moving into Huntsville and Madison cities. Organizer Marc Minish, who served as a commissioned bank examiner for the FDIC until January last year, will be the bank’s CEO.

July 22: Melbourne, Fla.-based Cypress Bank and Trust's deposit insurance application was approved. – Application

The FDIC approved Cypress' application for deposit insurance and the establishment of three branches. In addition, the FDIC also granted the bank's application to exercise trust powers.

July 16: Salt Lake City-based Thrivent Bank refiled its deposit insurance application with the FDIC.

June 30: Moultrie, Ga.-based Moultrie Bank & Trust filed for deposit insurance with the FDIC. – Application

The community bank will primarily serve small and medium-sized businesses, farms, real estate investors and developers, employees of these businesses, and professionals in Colquitt County.

June 21: Chicago-based Beta Bank filed for deposit insurance with the FDIC. – Application

The bank, which will be wholly owned by Beta Financial Services Inc., will offer traditional deposit products such as savings and checking accounts. It will be a digital-only bank.

June 15: Phoenix, Ariz.-based Integro Bank filed for deposit insurance with the FDIC. – Application

The bank will be the third active bank in organization in Arizona, which has not seen a new de novo bank open in 14 years. The bank will offer traditional community banking services and will focus on small businesses and nonprofits owned by minorities, veterans and women, primarily in Maricopa County.

June 9: Fort Myers, Fla.-based Gulf Coast Business Bank filed for deposit insurance with the FDIC. – Application

Gulf Coast Business Bank is the seventh active bank in organization in the Sunshine State. William Blevins, a former senior executive at Encore Bank before it was acquired by Lake Michigan CU in 2018, will be the community bank's CEO and president.

June 2: Minneapolis-based Ameriprise National Trust Bank filed a national bank charter application with the Office of the Comptroller of the Currency. – Application

Asset manager Ameriprise Financial Inc. is seeking a nondepository trust charter for Ameriprise National Trust Bank. The new bank will assume the businesses of its personal trust services division currently being managed by its savings bank, Ameriprise Bank FSB, which is seeking to change its savings and loan association charter into an industrial loan charter.

June 1: Highlands, N.C.-based Highlands Banking Co.'s deposit insurance application was approved. – Application

The bank, which filed for deposit insurance last year, will be a community bank offering traditional banking services to individuals and businesses.

May 7: Fort Lauderdale, Fla.-based Multi-Bank refiled its deposit insurance application with the FDIC. – Application

April 27: Salt Lake City-based Thrivent Bank withdrew its deposit insurance application with the FDIC. - Application

April 23: New York-based Paxos National Trust's national bank charter application was approved. – Application

Paxos, which filed its application with the OCC on Dec. 8, 2020, is the first cryptocurrency-focused company to receive approval to form a national trust bank.

April 19: Anchorage, Alaska-based Peak Trust Co. NA filed a national bank charter application with the OCC. – Application

The company is seeking a nondepository trust charter as it aims to offer its trust services beyond Alaska as part of its expansion plans.

April 15: Rapid City, S.D.-based First Blockchain Bank and Trust NA withdrew its national bank charter application. – Application

April 13: Virginia Beach, Va.-based Integrity Bank for Business's deposit insurance application was approved. – Application

The bank will offer loans and other banking services to small and medium-sized businesses primarily in the cities of Virginia Beach, Chesapeake and Norfolk.

March 29: Delray Beach, Fla.-based PayServices Inc. withdrew its deposit insurance application. – Application

March 26: Saint Petersburg, Fla.-based Climate First Bank's deposit insurance application was approved. – Application

The bank, which will be led by First Green Bank founder Kenneth LaRoe, will focus on small businesses offering products and services committed to sustainability.

March 17: Fort Lauderdale, Fla.-based Locality Bank filed for deposit insurance with the FDIC.

Led by serial Florida banker Keith Costello, Locality Bank aims to be a "digital first" community bank, offering its services to small and medium-sized enterprises primarily in Broward County.

March 11: New Orleans-based ViZ Bank & Trust NA withdrew its national bank charter application.

March 8: Delray Beach, Fla.-based PayServices Inc. filed for deposit insurance with the FDIC. – Application

The bank will launch as a purely digital bank and said it does not plan to offer interest on deposits or underwrite any loans. It will earn money from its money transmission products and software offerings.

March 3: Hialeah, Fla.-based OUR Community Bank's deposit insurance application was approved. – Application

Feb. 26: Poughkeepsie, N.Y.-based Rhinebeck Commercial Bank withdrew its deposit insurance application. – Application

Feb. 25: Minneapolis-based Ceridian National Trust Bank's national bank charter application was approved. – Application

Feb. 19: Salt Lake City-based Thrivent Bank filed for deposit insurance with the FDIC. - Application

The bank will be a subsidiary of top-tier parent Thrivent Financial for Lutherans, which is considering merging the assets of Thrivent FCU into the new bank.

Feb. 17: Draper, Utah-based Brex Bank filed for deposit insurance with the FDIC. – Application

The proposed bank will be 100% owned by financial technology firm Brex Inc., which offers credit cards and cash management services to small and medium-sized enterprises.

Feb. 4: Fort Lauderdale, Fla.-based Multi-Bank's deposit insurance application was returned by the FDIC. – Application

Feb. 2: Rapid City, S.D.-based First Blockchain Bank and Trust NA filed for a national bank charter with the OCC. – Application

The bank, which will offer cryptocurrency services and traditional services involving fiat currency for which it will seek deposit insurance, will be a wholly owned subsidiary of fintech startup Metallicus Inc.

Jan. 29: Newport Beach, Calif.-based Genesis Bank's deposit insurance application was approved. – Application

Stephen Gordon, the former founding chairman and CEO of Irvine, Calif.-based Opus Bank, will be the chairman and CEO of Genesis Bank.

Jan. 25: Scottsdale, Ariz.-based Gainey Business Bank filed for deposit insurance with the FDIC. – Application

Gainey will cater to small businesses, professionals and other individuals in Gainey Ranch and surrounding communities in Maricopa County. Joseph Stewart, who held executive roles in JPMorgan Chase & Co.'s Arizona operations, will be the president and CEO of the bank.

Jan. 14: Midvale, Utah-based Rakuten Bank America filed for deposit insurance with the FDIC. – Application

The Tokyo-based internet services firm, which is aiming to start an industrial bank, refiled its deposit insurance application for the third time in as many years.

Jan. 5: Worthington, Ohio-based First Bank of Central Ohio's deposit insurance application was approved. – Application

The bank will be a full-service community bank focused on small to medium-sized companies, individuals and professionals in the Columbus, Ohio, metropolitan area. John Smiley will be CEO and as a director of the company.