Bank seeks charter

Would be second D.C. financial institution

(Published August 25, 2003)

By PETER STOLZ

Staff Writer

Ten local residents, including five from the District, are seeking to create the second commercial bank chartered by the D.C. government.

The first, Legacy Banc, was granted a charter by the D.C. City Council in October 2001 but has not yet begun operating.

The new bank application, filed with the D.C. Department of Banking and Financial Institutions, proposes the creation of WashingtonFirst Bank. The bank expects to open its doors with $6.25 million in initial capitalization.

A public hearing is scheduled on the application for 10 a.m. Aug. 26 before the Districtís acting banking commissioner in Suite 400 at 1400 L St. NW.

Organizers of the new bank include Washington residents Joseph S. Bracewell III, Josephine S. Cooper, Jan Naylor Cope, Carolyn McKenney Johnson and James P. Muldoon.

Also listed among the organizers on application documents are Shaza L. Andersen of Potomac Falls, Va.; Joseph F. DeNoyior of Oak Hill, Va.; Richard D. Horn of Potomac, Md.; William C. Oldaker of Potomac, Md.; and William G. Reilly of Potomac Falls, Va.

The Department of Banking and Financial Institutions, created in 1986, is charged with recommending approval or rejection of bank charter applications to the city council.

The banking commissioner must be convinced that there is a "reasonable likelihood that the bank wonít fail" in order to recommend issuance of a charter, said Edna Boateng, who is overseeing the application process.

Former banking commissioner S. Kathryn Allen recently resigned her post to become president of Legacy Banc, which is expected to open this fall on H Street NW. Allen recused herself from action on the bankís charter application due to a family member being involved in the institutionís formation.

Copyright 2003, The Common Denominator