Department of Financial Institutions Announces New State Bank - Point Loma Community Bank will open its doors on August 2, 2004
San Francisco - The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Point Loma Community Bank will open its doors on August 2, 2004 to customers in Point Loma, San Diego County, with a capitalization of $8 million.
"I am pleased to welcome Point Loma Community 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, 37 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.
Scott R. Andrews will serve as CEO and Gary W. Houseman as Chief Credit Officer.
Point Loma will be located at 1350 Rosecrans Street, San Diego, 92106 in the heart of Point Loma and will focus on serving small to medium-sized businesses within Point Loma and the surrounding communities. Their phone number is (619) 243-7900. The bank's Web site address will be www.pointlomabank.com.
Like all California state-chartered banks, the Point Loma Community 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.