California-based Altos Bank, a newly established FDIC-insured community bank in Silicon Valley, officially opened on Wednesday.
“We are thrilled to celebrate our grand opening and welcome the community to experience our distinctive combination of high-touch relationship banking and cutting-edge technology,” Steven Chang, Altos Bank founder and board chairman, said. “Bringing this vision to life has been an incredible journey, and we’re proud to restore the personal touch that has been missing in Silicon Valley’s financial services landscape.”
Altos Bank offers banking solutions for small- and mid-sized businesses, real estate investors, professional firms, commercial property owners, professionals, and non-profit organizations. The bank is focused on blending personalized service with cutting-edge technology.
The bank held a soft launch on Nov. 25 following an equity raise, receipt of its banking license, and receipt of an FDIC Deposit Insurance Certificate. Since the soft launch, Altos Bank has been engaging with the Silicon Valley business community.
Altos Bank, which is headquartered in Los Altos, is in the first new business-focused community bank headquartered in Silicon Valley in nearly 20 years. Most of the community banks headquartered in Silicon Valley at the beginning of the century have been acquired by out-of-state institutions.
Tom Vertin serves as Altos Bank CEO.