Department of Financial Institutions Announces New State Bank - Commercial Bank of California opened its doors to customers in Costa Mesa
San Francisco - The Davis Administration announced today that the California Department of Financial Institutions (DFI) has approved the opening of a new state bank. On May 15, 2003 the Commercial Bank of California opened its doors to customers in Costa Mesa.
"I am pleased to welcome Commercial Bank of California and report that state-chartered banks continue to grow and prosper in California," said Commissioner Meyer. During the last two years, 14 new state-chartered banks opened with DFI approval. In addition, over 120 branches also opened their doors. "Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals," added Commissioner Meyer.
K. P. Bala Balkrishna will serve as President and Chief Executive Officer. Commercial Bank of California is located at 695 Town Center Drive, City of Costa Mesa, County of Orange. Their telephone number is 714-431-7000.
Like all California state-chartered banks, Commercial Bank of California deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions, including 205 commercial and industrial banks and 223 credit unions. Total assets of state chartered financial institutions were $211 billion at year end 2001 and increased to $229 billion at year end 2002.
The Department of Financial Institutions is responsible for administering State laws regulating state-licensed banks, state-licensed savings associations, state-licensed trust companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders), transmitters of money abroad, state-licensed credit unions, and state-licensed industrial banks. The Department reports to Maria Contreras-Sweet, Secretary of the Business, Transportation and Housing Agency and Governor Gray Davis.