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The oversubscribed capitalization, which the bank called the largest de novo capitalization ever in Orange County, was led by Gordon and Arkview Capital, founded and led by Joon Chang, Pavel Chernyshov, and Vijay Mehta; it’s a minority-certified private equity fund focused on investing in diversity-oriented businesses.
“As the banking industry experiences ongoing consolidation and dislocation, the market serving diverse communities, small to mid-sized businesses, and owners, operators, and investors in income producing multifamily and commercial real estate, continues to grow,” Gordon said in a statement.
Gordon was involved in the founding of two Irvine-based banks that were later acquired, Commercial Capital Bancorp and Opus Bank.
Piper Sandler & Co. acted as an advisor to Genesis Bank while Holland & Knight LLP served as legal counsel and Carpenter & Company served as consultants.