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State Agency Approves Charter for New S.D. Bank

San Diego’s first new bank in nearly a decade has gotten the California Department of Business Oversight’s OK to organize.

Endeavor Bank, which submitted its application for a state charter to the agency in August, received DBO approval on March 21, according to the agency’s latest summary of recent banking activity in California.

But in addition to the DBO’s approval, California law requires insurance from the Federal Deposit Insurance Corp. for all state bank charters. Endeavor submitted an application for deposit insurance with the federal agency in August, but that application remained pending as of April 10, according to an agency spokesman.

Organizers of Endeavor told regulators they would raise $25 million to launch the bank.

Another new bank in Southern California, Orange County’s Blue Gate Bank, recently opened after raising $30 million. Blue Gate, which submitted its application in February 2015, received approval from the state in July 2016 and the FDIC a few months later, in October of that year.

But another Orange County bank that regulators said could organize last year, Core Commercial Bank, fell short of the $25 million it had promised to raise and withdrew its application in late 2016.

The last new commercial bank to open in San Diego was Chula Vista-based Vibra Bank, which began doing business in 2008. Vibra was acquired by Los Angeles-based Pacific Commerce Bank in a stock and cash deal valued at $16 million in 2014.

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