Press Releases Press Releases

PRESS RELEASE 04-02
February 27, 2004
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 - Redwood Capital Bank Will Open its Doors for Business on March 1, 2004

San Francisco - The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On March 1, 2004, Redwood Capital Bank will open its doors to customers in the Eureka community with a capitalization of $11 million.

"I am pleased to welcome Redwood Capital 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, 33 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.

Redwood Capital Bank will offer community-based banking products and services.

John Dalby will serve as President and CEO; Wayne Shaffer as Chief Credit Officer; and Fred Moore as Chief Financial Officer.

Redwood Capital Bank is temporarily located at 1115 5th Street in Eureka. Their permanent location will be located at 402 G Street, Eureka, CA, 95501. The building, known as the Daly Building, is currently being renovated to its original Victorian architecture. Redwood Capital Bank's telephone number is 707-444-9800 and their fax number is 707-444-9801. Their Web site address is http://www.redwoodcapitalbank.com

Like all California state-chartered banks, the Redwood Capital 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 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.