Department of Financial Institutions Announces New State Bank - Beach Business Bank opens its doors in Manhattan Beach, CA
San Francisco - The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Beach Business Bank opened its doors today to customers in the Manhattan Beach community with a capitalization of $10.7 million.
"I am pleased to welcome Beach Business Bank and report that state-chartered banks continue to grow and prosper in California," said Howard Gould, Commissioner of Financial Institutions. During the last three years, 34 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 Gould.
Robert M. Franco will serve as president and CEO; Melissa Lanfre as senior vice president and chief financial officer; and Philip J. Bond as vice president and chief credit officer.
Beach Business is located at 1230 Rosecrans Avenue, Suite 120, Manhattan Beach, CA 90266. The bank's telephone number is 310-536-2270 and their fax number is 310-943-3314. Their Web site address is www.beachbusinessbank.com and their email address is firstname.lastname@example.org.
Like all California state-chartered banks, the Beach 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 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.