Press Releases Press Releases

PRESS RELEASE 03-16
December 03, 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 - Golden State Business Bank

San Francisco - The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On December 1, 2003 the Golden State Business Bank opened its doors to customers in the Upland community with a capitalization of $11 million.

"I am pleased to welcome Golden State Business 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 three years, 30 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 T. Wilson will serve as Chief Executive Officer and President, and Peggy Hansen will serve as Executive Vice President and Chief Financial Officer.

Golden State Business Bank is located at 1060 W. Foothill Boulevard, Upland, CA 91786. Their telephone number is (909) 981-8000. Their Web site address will be www.goldenstatebusinessbank.com.

Like all California state-chartered banks, the Golden State Business 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 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 Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.