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PRESS RELEASE 05-17
July 15, 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 - Pan Pacific Bank will open its doors in Fremont on July 18, 2005

San Francisco - The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Pan Pacific Bank will open its doors in Fremont on July 18, 2005 with an initial capital of $15.8 million.

"I am pleased to welcome Pan Pacific 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, 50 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.

Brian Conley will serve as CEO and President; Jack Olson as Chief Financial Officer; Byron Lee as Chief Credit Officer; Sherry Price as Chief Operating Officer; and Nancy Lee as Chief Marketing Officer.

Pan Pacific Bank is located at 47065 Warm Springs Boulevard, Fremont, CA 94539. Their telephone number is (510) 809-8888.

Like all California state-chartered banks, Pan Pacific 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.