Twin Cities-based organizers recently submitted bank charter applications with the FDIC and Minnesota Department of Commerce.
Pending approval, Brava Bank will be headquartered in Bloomington, Minn., and operate as a state-chartered, full-service bank. Brava is expected to concentrate on commercial and industrial borrowers and commercial real estate and single-family residential first mortgage loans. The de novo would target customers in Bloomington, Eden Prairie, Edina, Richfield, Mendota Heights and Eagan. It will also engage in Small Business Administration lending and apply to become an SBA preferred lender.
The potential de novo’s holding company, Entrepreneurs Bancshares, Inc., is expected to file a bank holding company application with the Federal Reserve Bank of Minneapolis at the time allowed by the Federal Reserve Bank.
Brava Bank organizers include Daniel Boeckermann, co-founder of Venture Bank, Bloomington; Todd Hovland, former market president of MidWestOne Bank/Central Bank, Iowa City, Iowa; Erik Knutson, former executive vice president and chief financial officer of Drake Bank, St. Paul, Minn.; Timothy Viere, former Merchants Bank, Winona, Minn., market president and former president of First National Bank of Northfield; and Melissa Johnston, former senior vice president, senior business banker at Minnetonka, Minn.-based Highland Bank.
The application is the 12th submitted to the FDIC this year.