Wednesday, August 4, 2021

California de novo Genesis Bank opens

Genesis Bank has opened in Newport Beach, Calif.

The de novo said in a press release that it received its final regulatory approvals on Monday.

“I'm deeply proud of the entire Genesis team for their tireless efforts to reach this critical milestone in our evolution; not only in reaching our day one launch, but also in bringing our team together to work collaboratively in a dynamic, vibrant, technology advanced, COVID-sensitive, open office environment," Stephen Gordon, the bank’s chairman and CEO, said in the release. 

"Over the course of the challenging pandemic environment, we witnessed an acute behavioral shift away from the use of traditional bank branches,” Gordon added. “Much of our time and resources were spent setting up and launching our core banking platform and technology solutions.”

Organizers went public with their plans for the bank in June 2020. They received conditional approval from the Federal Deposit Insurance Corp. on Jan. 29 and raised the required $57 million in initial capital in July.

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