For the first time in a decade, a new federally chartered savings bank is being readied to open in California.

The Office of Thrift Supervision approved San Luis Trust Bank's charter application May 21. The next step for the organizers, who are headed by 32- year banking veteran Lynn W. Lyon, is to raise $3.5 million to $5 million of capital this summer; $1 million of that is to come out of Mr. Lyon's deep pockets.

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