A group
in Traverse City, Mich., is looking to form a de novo bank.
Organizers
of the proposed Sovereign Bank applied with the Federal Deposit Insurance Corp.
on Tuesday for deposit insurance.
The
bank will be focused on real estate lending, consisting of commercial real
estate loans, multifamily loans and home equity loans, the application said.
Sovereign will also be active in commercial business loans and, on a smaller
scale, engage in residential mortgage lending.
Organizers
plan to raise $18 million to $22 million of initial capital.
Gregory
Bigger would serve as chairman, president and CEO.
The
other directors would include Kevin Bozung, Stephen Lang, Bradley Niergarth and
Bryan Taggart. Advisers include Don Mann, former deputy commissioner of the
Michigan Financial Institutions Bureau, and Connie Deneweth, former CEO of
Traverse City State Bank.
The
bank plans to open by the first quarter of 2023.
No comments:
Post a Comment