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PRESS RELEASE 03-03
May 27, 2003
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966
www.dfi.ca.gov

Department of Financial Institutions Announces New State Bank - Torrey Pines Bank opened its doors to customers in San Diego

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 23, 2003 the Torrey Pines Bank opened its doors to customers in San Diego.

"I am pleased to welcome Torrey Pines Bank and report that state-chartered banks continue to grow and prosper in California," said Commissioner Meyer. During the last two years, 15 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.

Robert Sarver will serve as Chairman and Chief Executive Officer; Gary Cady as President; and Phil Fowler, as Chief Financial Officer. The Torrey Pines Bank is located at 550 West C Street, Suite 100, San Diego, CA 92101. Their telephone number is (619) 233-2500 and fax number is (619) 233-3590.

Like all California state-chartered banks, Torrey Pines Bank 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.