The Real Deal Miami

Related execs get approval for new bank

September 11, 2009 09:52AM

Several Related Companies executives, including CEO Stephen Ross, have received preliminary approval to charter a bank. Ross, Jeff Blau and Bruce Beal Jr. will own most of the voting shares in the proposed bank, called SJB National Bank. Related will have no stake in the bank, according to a notice posted yesterday on the Web site of the Comptroller of the Currency. The execs are considering bidding on Corus bank, a Chicago-based lender troubled by condo construction loans. SJB may also purchase assets of banks that have been seized by the Federal Deposit Insurance Corporation, according to the notice. Adolfo Henriques, chairman of Gibraltar Private Bank, would lead SJB, the notice said.