Blue Gate Bank in Costa Mesa, Calif., has opened.

The institution joins a small but growing list of banks to receive charter approval since 2009.

Molly Gallaher Flater, the bank's chairman, began plans to form Blue Gate in 2015. The Federal Deposit Insurance Corp. approved the bank's charter application in October, requiring the founders to raise at least $30 million in capital.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.