Savi Financial Receives FDIC Approval for De Novo Orca Bank Charter

Savi Financial Corp. secured FDIC deposit insurance approval for Orca Bank, a planned Washington state-chartered de novo bank based in Whatcom County. The approval came during a period of historically low de novo bank charter activity, particularly for fintech-oriented institutions. Savi Financial still needed to obtain Federal Reserve approval before commencing operations, with a target opening of Q1 2024.

The approval stood out against a backdrop where no fintech-specific bank charter applications were being approved, and several crypto-related national banking charter applications had expired without approval earlier in 2023. FDIC Vice Chair Travis Hill and Governor Michelle Bowman had publicly advocated for more openness to de novo bank applications. The broader regulatory environment remained challenging, with consent orders issued against BaaS-active banks like Blue Ridge Bank and Cross River Bank adding to industry uncertainty.

The case illustrates the lengthy, multi-step regulatory process facing any entity seeking a new bank charter in the current landscape.