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SVB Financial alum files de novo application for digital bank

Organizers of Formative Bank NA submitted an application to the Office of the Comptroller of the Currency to secure approval to establish a national bank.

The proposed bank will be based in San Francisco and will provide licensed bank rails to financial technology firms as well as to large companies. The bank plans to offer insured deposit accounts, payment systems and credit cards. The de novo also proposes offering warehouse lending at a future date.

As a digital bank, Formative Bank does not plan to open or operate any branches but will offer its products and services nationwide.

Organizers are contemplating that the bank will seek minority depository institution status.

David Kochbeck will serve as CEO of the proposed bank. Jeff Schnitz will serve as president; Justin Maples as COO; Robert Hartinger as chief banking officer; and Michelle Peralta as chief product officer. Kochbeck is also CEO of Hypothetico Inc., which will be the sole stockholder of the Formative Bank and will handle all of its organizational costs and expenses. Prior to co-founding Hypothetico, Kochbeck was chief scientist at Silicon Valley Bank, according to his LinkedIn profile.

The directors of the bank will include Kochbeck, Schnitz, Scott Case, Duane Good, Lisa Nelson and Adam Schlesinger.