Press Releases Press Releases

PRESS RELEASE 05-10
May 19, 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 - California United Bank will open its doors in Encino (Los Angeles County) on May 23, 2005

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. California United Bank will open its doors in Encino, Ventura County on May 23, 2005 with an initial capital of $35 million.

"I am pleased to welcome California United 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, 47 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.

David Rainer will serve as President and CEO; Robert Dennen as Chief Financial Officer; and Bruce English as Chief Credit Officer.

California United Bank is located at 15821 Ventura Blvd., Suite 100, Encino, CA 91436. The bank's main phone number is (818) 257-7700. The fax number is (818) 257-7701. You can visit their Web site at www.californiaunitedbank.com.

Like all California state-chartered banks, California United 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.