Press Releases Press Releases

PRESS RELEASE 05-09
May 10, 2005
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 - First Vietnamese American Bank will open its doors in Westminster on May 11, 2005

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. First Vietnamese American Bank will open its doors in Westminster on May 11, 2005 with an initial capital of $15.1 million.

"I am pleased to welcome First Vietnamese American 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, 46 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.

Hieu T. Nguyen will serve as President and CEO; Douglas Shearer as Executive Vice President and Chief Credit Officer; and John Podlesni as Chief Financial Officer. The Web site address is www.fvab.com.

First Vietnamese American Bank is located at 8990 Westminster Avenue, Westminster, CA 92683. Their phone number is (714) 894-3105 and fax is (714) 894-2802.

Like all California state-chartered banks, First Vietnamese American Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.

DFI supervises over 650 financial institutions. 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, under the direction of Howard Gould, Commissioner, reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.