New bank with multiracial focus gets off to fast start
By John Reosti
There are over 140 minority depository institutions in the U.S., but only two are designated as multiracial.
The latest is Genesis Bank, a de novo that opened its doors in August. The Newport Beach, California-based company is already mulling plans to raise additional capital, as it's seeing higher loan demand than it can meet.
Genesis funded its first loans this week, well in advance of the timeline it laid out during its organizing phase. But the bank has also had to turn away business “that is larger than our capital or our balance sheet can support,” CEO Stephen Gordon said in an interview. “That makes me miserable.”