Proposed Calif. de novo would buy indirect auto loans

A group in California is looking to form a bank with a strategy that would include buying indirect auto loans. 

Carpenter Acquisition Corp. applied with the Federal Deposit Insurance Corp. on May 3 to form Icon Bank in Riverside. Carpenter Acquisition said in the application that it plans to become Icon Bancorp after the bank is formed. 

Icon would be a full-service bank with branches in Riverside; Orange County, Calif.; and Clark County, Nev. The bank would provide products and services to small and midsize businesses and commercial real estate investors. 

The proposed bank would also buy indirect auto loans “to diversify its balance sheet and revenue streams,” the application said. While the bank would buy the loans from a specific company, the application redacted the name of the proposed seller. 

The application also declined to identify the proposed bank’s CEO. 

The FDIC application said that Philippe Masbanji would serve as chief financial officer. He previously served as CFO at Bank of Santa Clarita, according to his LinkedIn profile. 

Sally Meyers would serve as chief risk and operations officer. Previously, she was the chief risk officer at New York de novo Grasshopper Bank, according to her LinkedIn profile.

The directors would include James Jones, Shirley Law, Jeffrey Mortis, Russell Rosendal, John Thomas and Vicente Timiraos. 

Jones is an executive vice president of Carpenter & Co. and a managing member of the general partner for the Carpenter Community BancFund. Timiraos is a retired chief credit officer at Manufacturers Bank, according to his LinkedIn profile. 

Icon plans to bring in $22.7 million in initial capital.