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The State of Washington and the Federal Deposit Insurance Corporation (FDIC) have accepted an application filed by the founders of Liberty Bank of Washington. The Board of Directors and management, who are all recognized business leaders in the community, plan to open the new bank during the first quarter of 2008. The first branch will be in Poulsbo.
“Receiving acceptance of our charter application is an important first hurdle to opening a new bank for the community. We look forward to the steps ahead as well as beginning to talk about what will set us apart from the competition,” said Bill Fogarty, CEO.
The bank in organization is now eligible for charter approval, a process that takes 90-120 days. Plans for the bank will be discussed with potential shareholders starting at the end of October. Those interested will be able to sign a non-binding letter of intent to purchase stock once the charter is approved. The founders are looking to raise $10-12.5 million from approximately 350 shareholders for this business-focused commercial bank.
Liberty Bank’s Board of Directors and management are made up of local leaders and entrepreneurs who marry their business backgrounds with an understanding of the community. Bill Parnell, whose business and personal ties to Kitsap County go back almost five decades, chairs the bank’s Board of Directors.
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