South Bay bank billing itself as 'by and for entrepreneurs': Bank of Manhattan to open in July with Nasdaq listing in mind.

Los Angeles has another new bank startup: the Bank of Manhattan--as in the South Bay city, not the Big Apple.

The bank registered with the Securities and Exchange Commission last month and also received its state charter. It's backed by real estate investors and other financiers who chipped in an as-of-yet undisclosed amount of capital.

The next step for the bank is to close it pre-initial public offering to institutional investors on July 15 before floating shares on the Over-the-Counter Bulletin Board with thoughts of moving to the Nasdaq as the bank grows. The doors are slated to open in July on Rosecrans Avenue. where the bank will be headquartered.

Strategically, Bank of Manhattan is billing itself as the bank "by and for entrepreneurs," and is headed by Chairman Kyle Ransford and Chief Executive Jeffery Watson of Manhattan Bancorp, the bank's holding company.

"In the South Bay, there's one bank per every 191,000 people," said Watson. "This is an underbanked region, and there's a lot of opportunity for small businesses that don't want to speak to customer service reps in India but want face-to-face service with people in their back yards."

Watson and Ransford also cite the large and growing deposit base in the South Bay as reason enough to enter the fray, contending they can do a better job in the market than a Bank of America, a Wells Fargo or any other large bank. Wells just established a huge presence in the area but will likely favor high net worth clients over morn and pop businesses and "mini-moguls," Watson said.

Orange County investment bank Carpenter & Co is advising the new bank on the IPO deal and other forms of financing.

Staff reporter Jabulani Leffall can be reached at [e-mail] or [phone], ext. 228