Department of Financial Institutions Announces New State Bank - Bank of Escondido.
San Francisco - The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On October 14, 2003 the Bank of Escondido will open its doors to customers in Escondido, San Diego County, with a capitalization of $9.9 million.
"I am pleased to welcome the Bank of Escondido and report that state-chartered banks continue to grow and prosper in California," said Donald R. Meyer, Commissioner of Financial Institutions. During the last three years, 28 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.
Michael R. Peters will serve as President and Chief Executive Officer; Glenn Marshall as Executive Vice President and Chief Credit Officer; and Linda Blakley as Vice President and Operations Manager. The new bank's Web site address is: http://www.bankofescondido.com
Like all California state-chartered banks, the Bank of Escondido's 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 financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, 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.