Founders Bank, the first new community bank formed in the District in 15 years, has received FDIC approval.
It’s not the final hurdle for the bank to open, but it anticipates opening its first branch in Friendship Heights in early 2020.
Local banking veteran Karen Grau has been named chief financial officer for Founders Bank. She served as CFO of Monument Bank from its founding to its sale to Revere Bank in 2016. Grau has also held executive positions at Congressional Bank in Potomac, Maryland, and FBR National Bank and Trust in Bethesda.
She was most recently director of financial reporting at Capital Bank in Rockville.
“The opportunity to be part of a new community bank is one I am intimately familiar with, having done it twice before in my career,” Grau said. “Seeing the energy, passion and expertise that the organizing team brings to this bank made joining them an easy decision.”
Founders Bank still needs approval from the District of Columbia Department of Insurance Securities and Banking. The FDIC approval allows the bank to focus on completing raising initial capital to start up the bank.
Founders is in the process of completing its initial stock offering and expects to open with $25 million to $30 million in initial capital.
Founders Bank is being led by a group of former Bank of Georgetown executives. Martin McCarthy serves as CEO. Jonathan Higgins is chief banking officer and Gerard McLoughlin is chief credit officer.
Bank of Georgetown was acquired by United Bank for $269 million in 2016.
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