Press Releases Press Releases

March 02, 2005
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966

Department of Financial Institutions Announces New State Bank - Commonwealth Business Bank will open its doors in Los Angeles on March 3

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Commonwealth Business Bank will open its doors in Los Angeles on March 3, 2005 with a capitalization of $23.1 million.

"I am pleased to welcome Commonwealth 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 four years, 43 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.

Jack Choi will serve as President/CEO; Elena Chan as Chief Financial Officer; and Steve Park as Chief Credit Officer.

Commonwealth Business Bank is located at 5055 Wilshire Blvd., Los Angeles, CA 90036. Their main phone number is (323) 988-3000, and their fax number is (323) 988-3001.

Like all California state-chartered banks, Commonwealth 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.