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PRESS RELEASE 06-06
April 21, 2006
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 - Golden Valley Bank will open its doors in Chico on April 24

San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Golden Valley Bank will open its doors in Chico (Butte County) on April 25, 2006 with an initial capital of $15.4 million.

"I am pleased to welcome Golden Valley Bank - the third new bank to open in 2006 - and to 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, 63 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.

Golden Valley Bank is located at 190 Cohasset Road, Chico, CA 95926. Their telephone number is (530) 894-1000; Fax number is (530) 892-8005. The bank's Web site address is www.goldenvalleybank.com.

Mark Francis will serve as President and Chief Executive Officer; Dawna Hooford as Chief Financial Officer; and Richard Timmons as Chief Credit Officer.

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

DFI supervises over 700 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 Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger.