New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter.
According to a Wednesday (Nov. 22) report by American Banker, New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. Citing documents filed with the Federal Deposit Insurance Corp. (FDIC), the news report noted the new bank will begin with $100 million in capital.
Its proposed president and CEO, Judith Erwin, is a former executive at Square 1 Financial. Raj Date, former deputy director at the Consumer Financial Protection Bureau (CFPB), would serve as a director, while Edward Carpenter, chairman and CEO of Carpenter & Co., and John Flemming, Carpenter & Co.'s president, are expected to be appointed to the board.
Carpenter currently serves as chairman of Pacific Mercantile Bancorp and as a consultant to the group through his Carpenter & Co. practice. Flemming also sits on the board at Pacific Mercantile Bancorp.
Other appointees include Albert Sun, former chief credit officer at East West Bank, who will keep that role at New York Venture Bank, and Minerva Tantoco, former chief technology officer for the city of New York, who will serve as CTO for the new venture.
The new FI is looking to provide commercial banking products and services to businesses in New York and other markets in the U.S. In its filing, New York Venture Bank said the services would be delivered “via a state-of-the-art delivery platform,” and would include term loans, lines of credit, owner-occupied real estate and asset-based lending. There will also be deposit products and online banking, among other offerings.
In addition, New York Venture Bank plans to apply to the Federal Reserve to create a bank holding company.