Heritage Bank receives conditional approval for national charter

The Office of the Comptroller of the Currency has granted conditional approval of Heritage Bank's application for a national commercial bank charter. Heritage Bank is presently targeting a late summer opening and intends to rise between $60 to $85 million in capital to fund the bank's formation and opening. Subject to the receipt of final regulatory approvals, the bank will begin operations during late summer, 2008. The bank's initial offices will be located in midtown Manhattan, Long Island and Brooklyn, New York. Each office will contain multiple private commercial banking teams. The organization of the bank is led by an experienced team of New York City banking executives. David Bagatelle will serve as the president and CEO. He is a former executive vice president of Signature Bank and a member of its founding group.... [read full story]