Former Tarp director involved with Maryland de novo effort

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A group has applied to open a bank in Maryland.

NXG Bank would be based in Columbia, according to a public notice placed in the Baltimore Sun. Organizers applied with the Federal Deposit Insurance Corp. on Friday.

Organizers include Lori Bettinger, Robert Borghese, Christopher Infantino, Mark Keidel, J. William Knott, Lawrence Letow, Joshua Phillips and Stephen Romano, according to the public notice.

Knott is expected to serve as the proposed bank's CEO. He stepped down as president and CEO of CFG Community Bank last fall.

Bettinger, who will serve as the bank's chairman, is executive vice president of Alliance Partners and president of BancAlliance. Prior to joining Alliance, she was director of the Tarp program at the Treasury Department.

Infantino has been an executive at Mutual of Omaha Mortgage who once worked at Howard Bank. Keidel was interim CEO at 1st Mariner Bank from December 2011 to July 2014.

The FDIC is seeking comments until July 1.

A copy of the application wasn’t immediately available. Efforts to reach Bettinger were unsuccessful.

Bettinger is the latest former government official to be involved with a de novo. Raj Date, former deputy director of the Consumer Financial Protection Bureau, is a director and chairs the technology committee at Grasshopper Bank, which opened last month in New York.

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