WASHINGTON - The Office of Thrift Supervision on Friday granted a federal thrift charter to the start-up holding company 1st Virtual Inc. to open VirtualBank, an Internet bank based in Palm Beach Gardens, Fla.The approval is contingent on VirtualBank's having initial capitalization of $36.5 million, a level the OTS approval noted that it had already attained.

VirtualBank will conduct a full range of loan and deposit products, including mortgage and home equity loans, and checking and savings accounts. However, it will have only a single branch location, at which no cash transactions will take place. VirtualBank is the sixth Internet-based institution to which the OTS has issued a charter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.