Calif. group looks to form bank for Chinese-Americans

A group in Irvine, Calif., is looking to form a minority depository institution.

Organizers applied with the Federal Deposit Insurance Corp. on Nov. 18 for Bank Irvine. The proposed bank, which will primarily work with the Chinese-American community in Orange and Los Angeles counties, is looking to become an MDI. 

The proposed bank “will be a commercial bank focused on providing traditional banking products and services to local small- and medium-size businesses, business owner, real estate owners and investors, and other individuals,” the group said in its application.

Organizers are looking to raise $25 million in initial capital.

Jianyin (Paul) Peng, who is set to become the bank’s CEO, will also own more than 10% of the bank’s stock. The application said he has 26 years of banking and capital management experience in the U.S., China and Hong Kong. 

Patrick Fields is expected to serve as the bank’s chairman.