ENCINITAS — A new state-chartered, federally-insured commercial bank has opened its doors in Encinitas, according to a recent company release.
Irvine-based Beach Cities Commercial Bank announced on June 12 that it is officially open for business at its branches in Irvine and Encinitas after recently gaining approval from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation.
As a bank with a state charter, Beach Cities is regulated by the State of California and the federal government and plans to serve small to midsize businesses.
According to the Orange County Business Journal, the bank has extensive ties to Orange County’s medical, legal and finance industries.
Beach Cities board member Dr. James Heinrich, a facial plastic surgeon, is the founder and board member of Capital Bank and later founded Pacific Coast Cosmetic & Laser Medical Center in Mission Viejo. Dr. Mark Burkhardt, an anesthesiologist and CEO of Mission Viejo Anesthesia Consultants, also serves on the Beach Cities board of directors.
Hollister Kent Falk, CEO of Beach Cities, is a former chief credit officer at Partners Bank of California, and Beach Cities president Jeffrey Redeker formerly served as a senior vice president at La Jolla-based Cal Private Bank.
“We have the best of class in our board of directors and executive officers along with a seasoned staff,” Falk said in a statement. “Orange and San Diego Counties are ripe for a new bank. We are ready to service our prior customers and the ones we will be banking soon.”
The bank touts its Ultralink technology, a customizable fintech system that allows customers to create their own digital banking experience with an integrated dashboard.
Aside from digital banking, the company describes its financial products and services as “vanilla,” or traditional commercial banking, including Small Business Administration lending, commercial real estate lending, various commercial and industrial lines of credit, equipment and other business lending products, business-related cash management services and deposit products.
“Over the past two decades, two very specific things have transpired,” Redeker said in a release. “First, we have seen a reduction of over two thousand small banks nationwide. Second, we have seen a massive transition towards a more technologically-forward banking environment. The pandemic only accelerated this shift. BCCB is the answer to both. We are a small de novo technology-forward bank designed specifically for small and middle-market businesses and entrepreneurs. We are very excited to open our offices and begin doing business.”
Beach Cities Commercial Bank is at 171 Saxony Drive, Suite 105, Encinitas, CA, 92024.
