De novo institutions

Organizers of the proposed Our Community Bank still need to raise $18 million before opening.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

In remarks during CUNA’s online Governmental Affairs Conference, Vice Chairman Kyle Hauptman and board member Rodney Hood bemoaned the lengthy process necessary for launching a new credit union.

Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, which plans to have a digitally focused platform and operate as an industrial loan company.

The Fortune 500 conglomerate has had discussions about merging Thrivent Credit Union, which operates independently of the company, into the bank if the charter is approved.

Ken LaRoe, whose First Green Bancorp was sold a few years ago, is seeking approval for a de novo called Climate First Bank that would cater to low-income communities hurt by climate change and favor ecology-minded tech vendors.

Protego Trust Bank in Seattle will focus on providing custody services for investors that hold digital assets. The OCC decision comes weeks after the agency granted permission to a South Dakota trust company to offer crypto-related services.

A group led by Stephen Gordon has received conditional approval from the Federal Deposit Insurance Corp. to open Genesis Bank.

Organizers have been working raising capital and preparing an application for about four years.

Organizers of First Bank of Central Ohio will need to raise $20 million before it opens.