California United Bank Opens Doors


California United Bank opened its doors today after raising $35 million in an initial stock offering, an amount the founders claim is more than any de novo state chartered public bank in California history. The bank, which will serve small and mid-sized businesses, is based in Encino. California United initially planned to open with about $20 million to $25 million, but due to the response to its offering, applied for and received approval from regulators to increase the number of shares it sold. “Many of the shareholders are local area residents, business owners and professionals who will be a valuable source of business and referrals for the bank,” said David I. Rainer, president and CEO of California United Bank. Joining Rainer, who was previously president of US Bank California, on the management team is Bruce C. English, executive vice president and chief lending officer, who was previously president of Bay View Financial Corp.; Anne A. Williams, executive vice president and chief credit officer, also from US Bank; and Robert J. Dennen, executive vice president and CFO, who was formerly with Pacific Credit Capital Inc.