Department of Financial Institutions Announces New State Bank - California Community Bank will open its doors to the Escondido Community
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 August 11, 2003 the California Community Bank will open its doors to customers in Escondido with a capitalization of $12.1 million.
"I am pleased to welcome California Community Bank and report that state-chartered banks continue to grow and prosper in California," said Donald R. Meyer, Commissioner of Financial Institutions. During the last two years, 18 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 or ethnic community to offering special services for small businesses and professionals," added Commissioner Meyer.
Larry D. Hartwig, will serve as CEO; Brian K. Smith as President; and Robert J. Lampert as Chief Financial Officer/Executive Vice President.
California Community Bank is located at 1334 West Valley Parkway, Escondido. The bank's Web site address will be www.calcommunitybank.com.
Like all California state-chartered banks, California Community Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions, including 199 commercial and industrial banks and 219 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 credit unions, state-licensed industrial banks, state-licensed savings associations, state-licensed trust companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders), and transmitters of money abroad. The Department reports to Maria Contreras-Sweet, Secretary of the Business, Transportation and Housing Agency and Governor Gray Davis.