Organizers of a proposed new bank recently submitted initial applications to the Federal Deposit Insurance Corp. and the California Department of Business Oversight.
Documents identify John Christopher (Chris) Walsh as chief executive and Milton Flores as chief financial officer for Blue Gate Bank, which plans to occupy about 11,000 square feet on two floors at Pacific Arts Plaza in Costa Mesa.
Both Walsh and Flores recently held similar positions at Irvine-based Sunwest Bank.
Neither could be reached for comment on the new venture, which has raised $30 million, the funds coming mainly from residents of Sonoma County. About $16 million came from Molly G. Flater, an executive with Santa Rosa-based Oakmont Senior Living who has been named chairperson of the bank.
Flater’s father, William P. Gallaher, has put $7.9 million into Blue Gate. Gallaher founded Oakmont Senior Living and has developed residential real estate in Northern California.
State regulators require at least $25 million in capital before a bank can open.
Blue Gate Bank could open its headquarters and first Southern California branch as early as this year, with a second branch to open a year later. The bank also intends to operate a loan-processing office in Roseville.
It’s the second bank to take steps toward formation in Orange County since November.
Newport Beach-based Core Commercial Bank submitted an application to state regulators in November and is working to raise $25 million in capital, with hopes of opening sometime around midyear. Core Commercial had raised $7 million as of last month, according to organizers.
