A new Sonora bank has just received state approval. AM 1450 KVML and MyMotherLode.com news has just learned the application for Mother Lode Bank was approved Monday by the California Department of Financial Institutions.
MotherLode Bank President and CEO Pete Johnson confirmed the information. He told us this morning many of the details about the new bank can not be released yet.
Johnson says Mother Lode Bank has applied for a stock sale permit and has filed incorporation papers. The next phase will involve raising capital for the new financial institution.
FDIC approval was given October 14th of last year.
Johnson says he is not able to give out an anticipated opening date for the new bank, to be located near the lower Save Mart on Stockton Road in Sonora.