The banking industry may not have put all its problems behind it yet, but that hasn’t stopped a new local bank from starting up.
Grandpoint Capital Inc. announced Wednesday that it has launched a business bank in Los Angeles called Grandpoint Bank. It’s the first bank founded in Los Angeles County since California General Bank was established in March 2009.
The new institution, started with a $75 million capital investment, will serve small and mid-sized businesses, entrepreneurs and high-net-worth individuals.
“While most banks are facing constraints in the current market, we have the opportunity to go to work for our clients,” said Chief Executive Don Griffith, the former head of First Coastal Bank, in a statement. “Because we have a clean balance sheet and are so well capitalized, we can focus our attention where it should be, on client relationships.”
The bank, which intends to look at acquiring other banks, is headquartered in downtown Los Angeles and has another branch in Santa Ana.
Grandpoint Capital, which will serve as the holding company, is based in downtown Los Angeles.