Blue Gate Bank opens in Southern California

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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.

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