Tuesday, August 3, 2021

Organizers planning bank in Minnesota

A group in Bloomington, Minn., is looking to form a bank.

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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