Press Releases Press Releases

PRESS RELEASE 04-14
September 24, 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 - Independence Bank opened its doors to the Newport Beach community on September 22

San Francisco- The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Independence Bank opened its doors on September 22, 2004 to customers in Newport Beach with a capitalization of $8.5 million.

"I am pleased to welcome Independence 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, 39 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.

Charles Thomas will serve as President and CEO; Maria Arakaki will serve as Chief Financial Officer; and James Ketchersid as Chief Credit Officer.

Independence Bank is located at 4533 B Mac Arthur Boulevard, Newport Beach, CA 92660. The bank's telephone number is (949) 266-6000.

Like all California state-chartered banks, the Independence 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.