SILICON VALLEY, Calif., Aug. 21, 2024 /PRNewswire/ — The California Department of Financial Protection and Innovation (DFPI) has officially approved the establishment of a new business-oriented community bank in Silicon Valley, marking a significant milestone in the region’s financial landscape.
The new bank, Altos Bank (in organization), will be headquartered in Los Altos, California in the heart of Silicon Valley, promoting economic growth, inclusivity, sustainability and prosperity in the communities we serve by empowering small business and investors. We will provide a unique blend of high touch and high tech made possible by deploying experienced, service-oriented relationship managers armed with sophisticated, state-of-the-art technology.
“We are thrilled to receive the approval from the DFPI and embark on this exciting journey,” said Steven Chang, founder of Altos Bank (in organization). “Our mission is to foster the growth and success of both individuals and businesses in Silicon Valley by providing personalized banking solutions, cutting-edge technology, and exceptional customer service. This approval is a testament to the dedication and hard work of our team, and we look forward to making a positive impact on the local economy.”
“The establishment of Altos Bank (in organization) fills a crucial void in Silicon Valley’s financial sector by offering specialized services that cater to the dynamic and diverse needs of Silicon Valley’s small business and investor community,” said Tom Vertin, the proposed Bank’s CEO. He added, “with a focus on innovation and customer-centric banking, Altos Bank (in-organization) will provide an unparalleled banking experience for its clients,”
The DFPI’s approval follows a comprehensive review process, underscoring the Bank’s strong commitment to regulatory compliance, risk management, and the delivery of high-quality financial services. The new bank expects to begin operations when all conditions in the DFPI’s approval have been satisfied and the FDIC has approved the bank’s application for federal deposit insurance.
About Altos Bank (in-organization)
Altos Bank (in organization) is a newly formed de novo community bank based in Silicon Valley, dedicated to providing innovative and personalized banking solutions for small businesses and investors. With a commitment to exceptional service and cutting-edge technology, Altos Bank (in organization) will support the growth and success of the local business community.
SOURCE Dragon Capital Group LLC
