Organizers of Bellingham, Wash.-based Orca Bank filed a deposit insurance application with the Federal Deposit Insurance Corp. on May 26 seeking to open the state's first new bank in 13 years.

Orca Bank would provide banking services to small and medium-sized businesses in Whatcom County, the largest county where Burlington-based Savi Financial Corp. Inc., Orca's holding company, currently operates.

Upon reorganization, Burlington-based SaviBank, a wholly owned subsidiary of Savi Financial Corp. that operates in Skagit, Island and Whatcom Counties, and operates a loan production office in San Juan County, will transfer all of its Bellingham branch assets and deposits, excluding any low-quality assets, to Orca Bank.

According to Orca Bank's application, the organizers believe that creating a separately chartered institution will allow Savi Financial Corp. to enhance services to Whatcom County customers with a local board of directors and management making decisions.

The proposed bank expects to commence operations on or about Aug. 22, or as soon as practicable.

Approved bank application

The FDIC approved Phoenix-based Integro Bank's charter application May 20, making it the second bank to receive conditional approval this year.

2022 applications tally

So far in 2022, 13 charter applications have been filed, including 10 de novo applications.

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The FDIC returned applications from Las Vegas-based industrial bank Capital Preferred Savings Bank and New Orleans-based commercial bank ViZ Bank & Trust on April 19 and 15, respectively. Meanwhile, Huntsville, Ala.-based Nova Bank and Avon, Colo.-based Battle Bank NA withdrew applications on April 20 and 11, respectively.

Capital Preferred and Battle Bank's applications were filed in 2022, while Viz Bank & Trust and Nova Bank's applications were filed in 2021.

De novo openings

As of May 30, six banks have started operations in 2022. Anchorage, Alaska-based Peak Trust Co. NA began operations May 16, making it the first nondepository trust to open this year.

Bank applications by region

Including Orca Bank, regulators see the largest number of pending charter applications from companies based in the western U.S.