Bank planned in nation's capital secures FDIC approval

Register now

The nation’s capital could soon have a new bank.

Organizers of Founders Bank in Washington said in a press release Thursday that they received conditional approval from the Federal Deposit Insurance Corp. for deposit insurance. The group said it is in the process of raising $25 million to $30 million.

The group plans to open the bank in mid-2020.

“We greatly appreciated the transparency and open communication that we have had with the FDIC throughout the application and approval process,” Martin McCarthy, Founders’ proposed president and CEO, said in the release. “This approval allows us to focus on the next phase of completing our capital raise and building a strong community of employees, customers and stakeholders.”

The group largely consists of former executives at Bank of Georgetown in Washington, which was sold in 2016 to United Bancshares.

Organizers plan to open a branch in Washington’s Friendship Heights neighborhood. Founders would become the first Washington-chartered bank in 15 years.

The group also said that Karen Grau has been recruited as chief financial officer for the proposed bank. She has 35 years of banking experience, including stints as CFO at several Washington-area banks.

“The opportunity to be a part of a new community bank is one I am intimately familiar with, having done it twice before in my career,” Grau said in the release “Seeing the energy, passion, and expertise that the organizing team brings to this bank made joining them an easy decision."

For reprint and licensing requests for this article, click here.
De novo institutions Capital Community banking Washington DC
MORE FROM AMERICAN BANKER