Press Releases Press Releases

October 21, 2005
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966

Department of Financial Institutions Announces New State Bank -The Private Bank of California

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. The Private Bank of California will open its doors in Los Angeles on October 24, 2005 with an initial capital of $36.3 million.

"I am pleased to welcome The Private Bank of California - the 17th new bank to open in 2005 - and report that state-chartered banks continue to grow and prosper in California," said Brian Yuen, Acting Commissioner of Financial Institutions. During the last five years, 55 new state-chartered banks have 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 Yuen.

The Private Bank of California is located at 10100 Santa Monica Blvd., Suite 2500, Los Angeles, CA 90067. The bank's telephone number is (310) 286-0710 and their fax number is (310) 286-6609.

Steven D. Brody is the Chairman of the Board; Richard Smith will service as President; and Charles Kenny as Chief Executive Officer.

Like all California state-chartered banks, The Private Bank of California 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. DFI reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.