FDIC approves two de novo bank applications

The Federal Deposit Insurance Corp. has given conditional approval for two proposed banks. 

The FDIC has signed off on the applications for Bank Irvine in California and GS&L Municipal Bank in Gouverneur, N.Y. – with some final steps requires before the banks open. 

Organizers of Bank Irvine must raise $25 million. GS&L, a commercial bank proposed by Gouverneur Bancorp, will need $2.5 million of initial capital. 

Bank Irvine, which applied with the FDIC in mid-November, will primarily work with the Chinese-American community in Orange and Los Angeles counties. It is looking to operate as a minority depository institution. 

Paul Peng is set to become the Bank Irvine’s CEO.

Gouverneur Bancorp has been seeking a charter because New York state law bars mutuals from working with municipalities. 

The FDIC has given conditional approval for eight proposed banks, including five in July.