Organizers planning new bank in New York area

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A group is planning a new bank across the Hudson River from New York.

Organizers in Jersey City applied with the Federal Deposit Insurance Corp. last week for deposit insurance for PiNG Bank. The group plans to raise at least $20 million in initial capital.

PiNG "plans to become a leading community bank with digital and physical services tailored to the priorities of … 21st century banking customers," the application said. "The bank’s business model will combine traditional banking products and services with modern technology-enabled delivery channels, robust controls and sound risk management practices

Stanley Gorodesky, a former senior vice president of corporate business at Cross River Bank, would serve as the bank's executive chairman. Stephen Duess, who once was president and CEO of Bogota Savings Bank in Teaneck, N.J., will serve as president.

Mona Abraham and Jenya Rubinshteyn, investment bankers who have worked at Citigroup and JPMorgan Chase, are expected to serve on PiNG's board. The organizing group also includes Daniel Murray, Janine Yorio, Stephen Singam and Val Katayev, according to the application.

The management team and board “will be joined by a seasoned team of commercial bankers, technologists, lending officers and compliance professionals.”

Efforts to reach Gorodesky and Duess were unsuccessful.

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