Dec. 20--This might seem an odd time to start a bank.

But a group of local movers and shakers are about to open one, the first such Bakersfield-based startup in a decade.

Some recent business stories even suggest this might be a great time to launch: Clean books could be an advantage in the post-bubble market.

Organizers of Valley Republic Bank, slated to open early next year, hadn't planned on 2008's wild ride when they started the bank-birthing process a year and a half ago. That's roughly the time it takes to get state and federal approvals.

Now, they feel this could be a lucky moment.

"The timing worked out in our favor," said Bruce Jay, a longtime Bakersfield banker who is now Valley Republic's president and chief executive officer. "We'll have a clean slate with no bad loans."

Bank organizers are currently raising $20 million, mostly from local investors, that they'll use to open for business. Jay expects that will happen by February.

Valley Republic will be one of three existing banks headquartered in Bakersfield.

Mission Bank, the most recently opened, launched in October 1998. It now has grown to about $174 million in assets, the pool of loans and other items that earn community banks the bulk of their income.

San Joaquin Bank, the largest, opened in December 1980 and now has assets of about $886 million.

Mojave Desert Bank, based in Mojave, is the only other bank currently headquartered in Kern County. The $93 million-asset bank opened in August 1991.

Bart Hill, San Joaquin's president and chief executive, said he welcomed his new competitors and wished them well.

"There's room in the market for all of us," he said.

As is typical in the close-knit industry, the new kid on the block snagged staffers from competitors.

Valley Republic's executive vice president, for example -- Philip McLaughlin -- was a senior lending executive at San Joaquin. Other staffers there were also recruited.

Valley's chief finance officer, Craig S. Swenson, was Mission Bank's CFO. Mission also lost a top credit staffer, Grady Buck. Mission's president and chief executive, Richard Fanucchi, did not respond to requests for comment.

BIG NAMES

The new bank's board of directors includes well-known members of the business community.

Gene Voiland, who retired as Aera Energy LLC's chief executive in December 2007, is chair of the board.

There's also Bob Stine, the head of Tejon Ranch Co., Anthony Leggio, president of Bolthouse Properties LLC and developer Greg Bynum. Folks from medical, ag, construction and oil fill out the roster.