BELLEVUE, Wash., June 18, 2026 /PRNewswire/ — United Development Bank (UDB), a proposed Washington state-chartered community bank headquartered in Bellevue, has received conditional approval from the Federal Deposit Insurance Corporation (FDIC), marking a significant milestone toward becoming one of the region’s newest locally owned community banks. The bank will serve local businesses and diverse communities throughout Bellevue, King County, and the greater Seattle metropolitan area.

The formation of UDB represents one of the few new community bank initiatives launched in Washington in recent decades. As consolidation has reduced the number of locally controlled financial institutions, UDB’s organizers believe there is a growing demand for relationship-driven banking, local decision-making, and personalized financial guidance delivered by experienced community bankers.

“Many customers still want a banking relationship built on trust, accessibility, and local expertise,” said Marty Steele, proposed President and Chief Banking Officer of United Development Bank. “Our goal is to create a community bank where decisions are made locally, relationships matter, and customers have direct access to experienced bankers who understand the communities they serve.”

UDB is expected to pursue designation as a Minority Depository Institution (MDI) and is being organized around a mission of expanding access to financial services and supporting economic opportunity for diverse and often underserved communities throughout the Seattle metropolitan area. The bank’s leadership believes the region’s economic strength and cultural diversity create a unique opportunity for a community-focused financial institution that reflects and serves the full breadth of the market.

Upon opening, United Development Bank expects to offer a comprehensive suite of banking products and services, including business banking, commercial lending, SBA lending, treasury and cash management services, consumer deposit accounts, online and mobile banking, and fraud protection solutions.

Leadership Team

United Development Bank will be led by a seasoned executive team with extensive experience in community banking, finance, technology, and operations.

Charlie Guildner will serve as Chief Executive Officer. Guildner brings more than 40 years of banking experience, including serving as President and CEO of North Cascades Bank, where the institution doubled in asset size during his leadership tenure.

Marty Steele will serve as President. Steele previously served as CEO of several Washington community banks, including Charter Bank in Bellevue, Bank of Washington in Lynnwood, and First Sound Bank in Seattle, and brings extensive expertise in commercial banking, risk management, capital planning, and organizational growth.

The executive team also includes Josh Lavik as Chief Financial Officer and Ajay Grewal as Director of Information Technology.

United Development Bank’s proposed Board of Directors includes accomplished leaders from banking, accounting, law, technology, finance, entrepreneurship, and community organizations. The board was intentionally assembled to reflect the diversity, experience, and entrepreneurial spirit of the communities the bank intends to serve.

“United Development Bank is being built to strengthen local businesses, support economic development, and expand access to banking services throughout our region,” said Andy H. Yeung, Chair of the proposed Board of Directors. “We believe community banks play a vital role in local economies, and we are excited about the opportunity to bring a new community-focused banking institution to the Seattle market.”

United Development Bank remains in organization and is completing the capitalization and regulatory processes required before opening for business.

About United Development Bank

United Development Bank is a proposed Washington state-chartered community bank headquartered in Bellevue, Washington. The bank is being organized to provide relationship-driven banking, local decision-making, modern technology, and personalized financial guidance to businesses, professionals, nonprofit organizations, and consumers throughout the greater Seattle metropolitan area. UDB expects to pursue designation as a Minority Depository Institution and is committed to supporting economic opportunity and financial inclusion across the communities it serves.

View original content:https://www.prnewswire.com/news-releases/united-development-bank-receives-fdic-conditional-approval-advances-formation-of-new-bellevue-community-bank-302804107.html

SOURCE United Development Bank