Press Releases Press Releases

January 30, 2004
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966

Department of Financial Institutions Announces New State Bank - Santa Cruz County Bank Will Open its Doors for Business on February 3, 2004

San Francisco - The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On February 3, 2004, the Santa Cruz County Bank will open its doors to customers in the Santa Cruz community with a capitalization of $13.2 million.

"I am pleased to welcome Santa Cruz County 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, 32 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.

John Rossell will serve as President and CEO; David Heald as Chief Credit Officer; and Donald Soman as Chief Financial Officer.

Santa Cruz County Bank is located at 325 Soquel Avenue, Santa Cruz, California, 95062. Their telephone number is (831) 457-5001. Web site address is

Like all California state-chartered banks, the Santa Cruz County Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.

DFI supervises over 650 financial institutions, including 204 commercial and industrial banks and 221 credit unions.

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.