- Elemi Bank, a new US banking challenger, is progressing towards launch with a recent filing with the FDIC.
- Based in Burbank, California, Elemi Bank aims to be a state-chartered corporate bank focusing on B2B services for SMEs, professionals, and real estate investors.
- Filed with the FDIC on November 27, the application indicates plans to raise $25 million for the bank’s establishment, though details on funding sources are not disclosed.
- Founding members include Dana Johnson, president of MidAmerica Capital Partners, serving as the executive chairman, and others like Gustavo Mossé, Frank Mushmel, Raj Patel, and Michael Shaheen as board members.
- Michael Helmuth, former group managing director of Bank of Southern California, is expected to join the board, but the proposed CEO remains undisclosed.
- Elemi Bank awaits FDIC approval before seeking additional capital, with a potential approval timeline extending to at least the middle of the next year based on regulator timelines for other applicants.
Elemi Bank applies to FDIC and seeks $25m in capital to launch corporate offering
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