FDIC Approves Applications of Two Ventura County, Calif., Banks.

Byline: Jim McLain

Dec. 14--Two start-up, independent banks that organizers hope to open in Ventura County early next year were approved this week by the Federal Deposit Insurance Corp., one of the last major hurdles before the banks can go into business.

The applications of Ventura County Business Bank and County Commerce Bank were approved by the FDIC on Monday, assuring executives of the institutions that customers' deposits will be insured. Both banks launched stock offerings last month and plan to open in the first quarter.

The banks are being organized independently, but almost simultaneously by executives of locally owned banks that were …