A group backed by some big names has applied to form a nationally charted bank to be based in New York.
New York Venture Bank is applying for a charter from the Office of the Comptroller of the Currency, according to documents filed with the Federal Deposit Insurance Corp. The group plans to open with $100 million in capital.
Judith Erwin, a former executive at Square 1 Financial in Durham, N.C., would be the proposed bank’s president and CEO. Erwin, based on her LinkedIn profile, was an executive vice president in the venture capital services practice at Square 1, which sold itself to PacWest Bancorp in 2015.
New York Venture Bank would have several notable directors, including Raj Date, former deputy director of the Consumer Financial Protection Bureau; David Munio, a former chief credit officer at Wells Fargo; and William Grant, who spent nearly three decades at the OCC.
Edward Carpenter, chairman and CEO of Carpenter & Co., and John Flemming, the firm’s president, are also expected to join the board. Carpenter is chairman of Pacific Mercantile Bancorp in Costa Mesa, Calif., where Flemming is also a director.
Carpenter & Co. is serving as a consultant to the organizing group. Seapower Carpenter Capital, a Carpenter affiliate, will be the placement agent for seed capital and additional fund raising once the application is approved.
The FDIC application was sparse on details about the proposed bank’s business plan, though it noted that the main office would be located in Midtown New York. The group plans to file an application with the Federal Reserve to form a bank holding company.
Organizers plan to “serve the banking needs of companies in the innovation economy in New York City and other innovation markets in the United States” by providing “traditional commercial banking products and services delivered via a state-of-the-art delivery platform,” the filing said.
Lending activities will include commercial term loans, lines of credit and owner-occupied real estate and asset-based lending products. The bank will also offer traditional deposit products, cash management services, online banking, letters of credit and foreign exchange services.
Albert Sun, a former chief credit officer at East West Bank, is expected to fill the same post at New York Venture Bank. Minerva Tantoco, former chief technology officer for the City of New York, is listed as the proposed bank’s chief technology/information officer.
Maryam Hamzeh, listed on the application as the group's representative, wasn't immediately available to comment.