Organizers of Brava Bank applied with the
Federal Deposit Insurance Corp. on Monday for deposit insurance.
Brava would be a state-chartered bank with Entrepreneurs
Bancshares serving as its holding company, according to a legal notice announcing
the effort. The principal shareholder of Entrepreneurs Bancshares would be the Entrepreneurs Bancshares Revocable Trust of Daniel A. Boeckermann, the FDIC application said.
"Although
the bank's business is expected to include all functions and business
associated with a newly formed commercial bank, the bank intends to focus on
commercial & industrial borrowers, commercial real estate, and
single-family residential first mortgage loans," the organizers said in their application.
"A typical client of the bank will be a small business with sales up to $25 million
annually," the application said.
Daniel Boeckermann would serve as the bank's chairman. Timothy Viere would be the CEO, while Todd
Hovland would become president. Melissa Johnston will serve as acting chief credit officer, and Erik Knutson is set to become chief financial officer.
Hovland was a market president at MidWestOne Bank, according
to his LinkedIn
profile. Viere previously served as a market president
at Merchants Bank, while Johnston was a senior vice
president at Highland Bank. Knutson was chief financial officer
at Drake Bank.
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