Organizers of VisionBank have applied with the Federal Deposit Insurance Corp. to form a bank in Washington, D.C.
The group, which hopes to obtain a Virginia state commercial bank charter and FDIC insurance, wants to serve small to midsize businesses and consumers in Fairfax County. American Banker first reported about the group's plans
Melinda McClure, who had been a principal and majority owner of registered broker-dealer Democracy Funding, is expected to serve as the bank’s chairman and CEO. Richard Horn, a founding director and general counsel of WashingtonFirst Bankshares, which sold to Sandy Spring Bancorp, will serve as chief operating officer.
Jenifer Bush, who most recently served as senior vice president and commercial real estate manager at Xenith Bank, is set to become VisionBank's chief lending officer. The group has not yet hired a chief financial officer.
The group plans to raise $25 million to $35 million in capital. Organizers also need to select a core technology vendor.
The proposed bank’s lending services would include commercial and residential real estate mortgages, consumer loans and lines of credit, commercial and business loans and construction and development loans.
Deposit products would include checking accounts, savings accounts, money market accounts, certificates of deposit and local municipal deposits.
