Tucson's mortgage powerhouse is still working on becoming a place where you can stash your pennies.

The leaders of First Magnus Financial Corp. have applied to the federal Office of Thrift Supervision to obtain a charter for a new federal savings bank named First Magnus Federal Bank. They originally planned to have their first branch open in January.

But at the moment, there's no branch open and no word yet on when the bank will open its doors.

Gary Baraff, First Magnus' director of business development, said the company can't talk about the charter application because it is still being processed. Last month, Baraff said in an e-mail that the "process is very involved and somewhat more intensive than we anticipated when we did our launch planning last year."

First Magnus' application was suspended as of July 31, according to a letter sent to the company from the Office of Thrift Supervision obtained by the Arizona Daily Star through a records request. According to the letter, which is addressed to a lawyer in Miami representing First Magnus, Thrift Supervision "will notify you as to the date that processing resumes on the applications."

The bank would be unique in Tucson. Other banks are either headquartered in other cities and states or hold a state charter. First Magnus would be the only bank with a federal charter headquartered in Tucson.

Opening a bank, under any kind of charter, can be a demanding process, said Chuck Luhtala, president of Canyon Community Bank and a bank founder.

Three major factors are considered, Luhtala said. Regulators look at the market to consider if there's a need for another banking institution. Next, regulators look at the would-be bank's leadership to assess its capability. Finally, they consider capital, Luhtala said.

"It's fairly difficult," Luhtala said. "You can have money to do it, and you can have lots of capital, but if you don't have good management, you're going to flounder."

As for demand, recent events suggest it's here. Six new banks have entered the Tucson market since Canyon opened in 2000, Luhtala said.

"It's a big market, it's growing. It's a hot market. Big banks obviously feel like there's a need here," Luhtala said. "I would think that if you're applying for a charter here, you'd have a pretty good shot here."

As of June 30, 2004, 16 banks and three thrifts with 151 branches had $8.9 billion of deposits in the Tucson metropolitan statistical area, according to the charter application, submitted in May 2005, which cites figures from the Federal Deposit Insurance Corp. According to the company's analysis, only 1.3 percent of those deposits were held in "locally-owned" banks, so the new federal bank "is expected to be a successful and profitable one."

Headquarters for the main office would be at a yet-to-be-built 30,000-square-foot building on North Kolb Road, between East Tanque Verde Road and East Speedway. When those doors will open is anybody's guess.

It doesn't appear as though First Magnus is hurting, exactly. The company describes itself as "one of the largest privately held mortgage banking operations" in the country, lending in all 50 states. It funded loans in excess of $27 billion in 2005, has more than 300 offices and more than 5,000 employees.

And it recently opened its first mortgage office in New York, "part of First Magnus' ongoing expansion into major national markets," according to a press release.

How does that saying about New York go? If you can make it there, maybe you can start a bank here.