Proposed Puerto Rico-based Nave Bank applies for deposit insurance

Organizers of proposed San Juan, Puerto Rico-based Nave Bank applied for deposit insurance with the Federal Deposit Insurance Corp. in December 2021.

The proposed bank, which intends to act as Puerto Rico's first FDIC-insured digital bank, will be a wholly owned subsidiary of Nave Holdings LLC and expects to qualify as a minority depository institution.

The proposed bank does not plan to establish branches and will look to serve primarily individual and business customers in Puerto Rico who are "unsatisfied, underserved or unbanked."