Former Bank of Georgetown execs plan new bank in Washington
Another group of bankers in the nation’s capital is planning a new bank.
The effort behind Founders Bank in Washington is being led by a group of former Bank of Georgetown executives.
Martin McCarthy, who had been a vice president at Bank of Georgetown, would serve as the proposed bank’s president and CEO. He previously was a senior vice president at Revere Bank.
Gerard McLoughlin, a former Maryland market leader at Bank of Georgetown, would be Founders’ chief credit officer. Jonathan Higgins, who was director of business development at Bank of Georgetown, is set to become the proposed bank’s chief banking officer.
Domingo Rodriguez, Bank of Georgetown's chief financial officer, will have the same role at the new bank.
The group is looking to raise $25 million with a target of opening in the first quarter, McCarthy said. The group plans to be based in northwest Washington.
Organizers have filed a draft application with the Federal Deposit Insurance Corp. McCarthy said the plan is to file a formal application next month.
"Experience is a big advantage for us," McCarthy said. "The other thing is our culture. It is something our customers will feel right away and should propel our bank in terms of growth and success. Everyone shares the same value in the organization. There's open communication and everyone is involved in the community. And we try to keep it fun."
Bank of Georgetown sold in 2016 to United Bankshares in Charleston, W.Va.
A number of groups are looking to form de novos in Washington, including Moxy Bank, Trustar Bank, VisionBank and Piermont Bank. Organizers of Marathon International Bank withdrew their application.
"We feel like there has been such a void in the industry," McCarthy said. "We think Washington is such a dynamic market that it can withstand all these new banks ... and then some. We think it will be good for the small business community that we will look to serve."