Rothenberg stacking new bank with influential board members.ALAN Rothenberg Alan I. Rothenberg (born April 10, 1939 in Detroit, Michigan) is a graduate of the University of Michigan's law school, and an influential administrative figure in the history of North American soccer who is credited with greatly contributing to the growth of the game in the United , the Los Angeles lawyer who founded Major League Soccer, has received preliminary approval from regulators to open his lending start-up, 1st Century Bank, which will be based in West Los Angeles
The bank is expected to raise an estimated $17.5 million by early next year, according to the conditional approval letter from the federal Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . The OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). and the Federal Deposit Insurance Corp. both gave preliminary green lights last month for the national charter. A prospectus filed with regulators must be approved before officers can begin selling stock to private investors. The new bank boasts a high-powered board, including Alan D. Levy, chairman and chief executive of commercial developer Tishman International Cos.; Lewis N. Wolff, chairman of Maritz Wolff & Co., an investment fund with a stake in the Fairmont Hotels; and Marshall S. Geller of merchant banking firm Geller & Friend Capital Partners Inc. "There hasn't been this much buzz about a bank since 1st Business Bank," said Ed Carpenter, principal at Carpenter & Co., an investment banking firm in Irvine, referring to the Los Angeles bank that was founded in 1981 by lawyer-entrepreneur John Anderson and later sold to Mellon Corp. It is now called Mellon 1st Business Bank. Rothenberg is expected to use his extensive contacts in L.A.'s legal and entertainment communities to drum up business for 1st Century. Richard S. Cupp, whose previous stints include Hemet Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , First Bank and Imperial Credit Industries, will be president and chief executive of the new bank, while Jeffrey M. Waston, formerly of Hemet Federal and Pacific Century Bank, will be executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . |
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