Pacific Coast Bankers Bank opened its doors Jan. 2.
Pacific Coast plans to provide correspondent services to banks in seven western states.
The bankers' bank, the 17th of its kind in the nation, raised more than $3.1 million in capital from 30 community banks, all in its primary market, California.
Although the bank will initially focus on offering traditional correspondent products in California, chief executive Albert Roensch said it plans to eventually target Washington State, Oregon, Nevada, Arizona, Alaska, and Hawaii as well.
Meanwhile on the opposite coast, officials of Bankers Bank Northeast are awaiting approval from the Connecticut Department of Banking before they can open.
Bankers Bank Northeast, which would serve banks in the six New England states and eastern New York State, would have to raise $5 million in start- up capital once regulatory approval was granted. So far six banks are said to have committed a total of $1.2 million.