San Diego-based CalPrivate Bank has received federal approval to open a location in El Segundo, where it will serve the South Bay region of Los Angeles County.

The Federal Deposit Insurance Corp. approved the loan and deposit origination office, said Tom Wornham, CEO of CalPrivate Bank. The new office will open at the end of October.

CalPrivate Bank has offices in downtown San Diego, Coronado, University City, Newport Beach and Beverly Hills. Stock in its parent company, Private Bancorp of America Inc., trades over the counter; its symbol is PBAM.