California group applies to form a bank

A group in Encino, Calif., is looking to form a bank that will have a focus on the Syrian American community. 

Organizers for the proposed United Community Bank applied with the Federal Deposit Insurance Corp. on Aug. 31 for deposit insurance. 

The bank plans to focus on small- and midsize businesses and their owners, business professionals, real estate owners and investors, and other individuals. 

While United Community will broadly serve clients in California’s San Fernando Valley, the application said it will also focus on Syrian Americans in the area. 

The group plans to raise $25 million of initial capital. 

Dana Johnson is expected to serve as chairman, while Louie Shaheen would become vice chairman. 

Johnson is president and chief investment officer of MidAmerica Capital Partners, according to his LinkedIn profile. Shaheen is an business owner and real estate investor, according to the application. 

The redacted application did not disclose the identity of any executive officers.