Some of the new faces in L.A.’s banks are actually old hats in the industry.

Take Charles Fenton, for instance. The 62-year-old banker was born right here in Southern California and has worked for more than a half-dozen local banks in his career.

But this past year, the longtime credit specialist decided to take on a fresh challenge by starting and running a brand-new bank.

“I figured I might as well try president and CEO because I haven’t done that,” he said. “(But) as president and CEO, I’ll be blamed for anything that goes wrong.”

SoCal Business Bank, as it is known, will be headquartered in Van Nuys once the institution opens its doors this year. Fenton and his associates have already received regulatory approval, but there is one other matter they must still resolve before the bank can officially open: money.

The team has raised about $5 million in capital, but still needs an additional $15 million, which has proved challenging in the current economic recession.

“We’ve been approved; we’ve put together a good team. But then the economy fell off the edge of the flat world and we’re dealing with that,” he said. “The individual investors have really taken such a pounding over the past year that they just are not interested in putting any more money out in a new venture until they can figure out what they’ve got left.”

Now, Fenton has switched his focus from individual investors to private equity. He said recent meetings with private equity firms have gone well and he expects to raise the remaining funds in the coming weeks.

But time is beginning to run short. Regulators gave the bank founders a one-year window to raise the capital from the time the business plan was approved in May.

“It’s more entertainment than I necessarily signed up for,” he said.

If the team cannot get the bank off the ground, it will not be for lack of experience.

Fenton got his start in banking more than three decades ago. After college and a brief detour to shore up his draft status he joined Bank of America in downtown Los Angeles.

He spent time at a variety of institutions before joining a small bank in North Hollywood called American Pacific State Bank. It was there that Fenton said he gained an appreciation for the personal touch of community banks one that large institutions cannot match.

“When you’re working for a community bank, you’re working for your customer,” he said. “When you’re working for a big bank, you’re working for your boss because that’s where you’re going to get your promotion.”

It is that principle that he said he hopes to bring to SoCal Business Bank.

In the meantime, though, he has had to contend with the damage that the financial crisis has done to the industry and his reputation.

“I’ve been a banker for over 30 years and I’ve always been proud of being in the banking industry. Now, if you tell people you’re a banker you might as well say you’re a politician,” he said, laughing. “They have about as much respect for bankers as they do for politicians, which is sad.”

Charles Fenton

Chief Executive/President

SoCal Business Bank, Van Nuys

Appointed November 2008