Organizers plan de novo bank in northern California
A group in northern California is planning a de novo bank.
Organizers of New Enterprise Bank, which would be based in Santa Clara, applied on Wednesday with the Federal Deposit Insurance Corp. for deposit insurance.
The proposed bank "will particularly target venture capital and private equity firms, especially those involved in investment between China and the San Francisco Bay Area ... as well as [area] companies with Chinese investors," the organizers said in their FDIC application.
The group plans to raise at least $32 million in initial capital.
The filing did not disclose the identity of any proposed executives.
David Jiang, who has co-founded several tech firms in the area, lists himself as one of the proposed bank’s organizers. His LinkedIn profile says New Enterprise will be “focused on providing banking services for innovative firms.” His profile says the group is aiming to open the bank in the first quarter.
Jiang lists himself as a co-founder of LoopChat, a data privacy- oriented social network, and MirraViz, high-tech optical firm.
Efforts to reach Jiang were unsuccessful.
Peter Mok, president and CEO of KLM Capital Group; Randall Greenfield, a retired chief financial officer at California Bank of Commerce; and Harry Kellogg Jr. at SVB Financial Group are listed on the application as three of the proposed bank's organizers.