NEWPORT BEACH, Calif.--(BUSINESS WIRE)--The organizers of Core Commercial Bank (Proposed) (CCB), today announced they have received conditional approval to organize and establish a California banking corporation from the California Department of Business Oversight (DBO), subject to approval of deposit insurance from the Federal Deposit Insurance Corporation (FDIC) and other standard conditions. CCB will be a business bank with an emphasis on relationship and value-driven banking. To be headquartered at 4490 Von Karman Avenue in Newport Beach, Calif., CCB will serve small and mid-market businesses, with a focus on professionals, manufacturers, wholesalers and distributors in Orange, Los Angeles, San Diego and Riverside counties.
CCB filed its regulatory application with the DBO on May 28, 2015 following a planning process that began in late 2014. The approval process is a precise and rigorous undertaking. CCB is the first new commercial bank to be approved by the DBO in California since 2008.
According to the FDIC, the number of banks headquartered in Los Angeles and Orange Counties (respectively the largest and sixth largest counties in the country) has gone down by over 34 institutions or over 27 percent since 2009. During that time, non-farm employment has grown by over 10.5 percent, the number of businesses has increased by 4 percent and bank deposits have grown by 45 percent.
“Over the past several years, mergers and other consolidations have greatly reduced the number of banks in California, Orange County and across the country. Acquisitions by larger banks have created a void in the number of service-oriented community banks. These mergers have led to recurring turnover of bankers and disruptions in the provision of banking services. We have observed a noticeable deficit in the quality of banking service, especially to support the financial needs of small business owners,” said Mark Simmons, long-time Orange County banker and proposed chairman of the board of directors for CCB. “CCB aims to reverse this trend, by providing relationship-driven banking services delivered by a highly experienced leadership team, a strong value proposition, and a clear path to financial stability.”
CCB’s leadership team is comprised of officials with an impressive tenure in the banking and finance industry. Senior management is led by CCB’s initial organizers Darrell S. Daniel III as chief banking officer and Jonathan Sigal as chief credit officer. Both Daniel and Sigal have worked extensively together for the past 20 years in the banking and finance industry and possess significant commercial banking experience. CCB has been advised in this effort by Carpenter & Company, an Irvine, Calif. based financial institution advisor and private equity firm that has supported the community banking industry for over 40 years, and Richard E. Knecht, Esq. who serves as CCB’s regulatory counsel. Although CCB is using Carpenter & Company as its advisor, CCB will not be affiliated with any of the Carpenter banks or the Carpenter Community BancFunds.
“Both Jonathan and I have worked diligently with the executive leadership, organizers, board of directors, DBO, and FDIC over the past year to achieve this significant milestone,” said Darrell S. Daniel III, chief banking officer of CCB. “CCB is driven by an experienced executive leadership team and board of directors who are accomplished business professionals with strong ties to CCB’s target market. This leadership team is focused on creating robust, long-term partnerships that are mutually beneficial for its future clients and shareholders.”
About Core Commercial Bank (Proposed)
Core Commercial Bank (Proposed) will be incorporated as a California banking corporation following approval of its Articles of Incorporation by the DBO, which is anticipated prior to the end of November. Following its receipt of all necessary approvals to open for business, the bank will be an independent, full-service commercial bank providing relationship-driven services to small and mid-sized businesses with an emphasis on professionals, manufacturers, wholesalers and distributors. CCB will be the first California chartered bank to receive approval since 2008. CCB is led by a team of well-qualified executives committed to providing a superior customer experience and establishing long-term relationships with clients and investors. Headquartered in Newport Beach, CCB will serve Orange, Los Angeles, San Diego and Riverside counties. For more information, please contact email@example.com.