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FDIC approves formation of Washington-based Founders Bank

The Federal Deposit Insurance Corp. approved the application of Founders Bank to serve in the Washington metropolitan area.

The bank also appointed Karen Grau as CFO. Most recently, Grau was director of financial reporting at Rockville, Md.-based Capital Bank NA.

Pending District of Columbia Department of Insurance Securities and Banking approval, leaders of the bank expect the first branch to open in the Friendship Heights neighborhood of Washington in early 2020.

Founders Bank is in the process of completing its initial stock offering and expects to open with a paid-in capital between $25 million and $30 million in the first half of the year.