Press Releases Press Releases

PRESS RELEASE 07-04
February 26, 2007
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 - Sunrise Community Bank will open for business on February 27 in Palm Desert

(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Sunrise Community Bank will open for business on February 27, 2007 in Palm Desert with initial capital of $8 million.

"I am pleased to welcome Sunrise Community Bank - the third new bank to open in 2007 - and to report that state-chartered banks continue to grow and prosper in California," said Michael A. Kelley, Commissioner of Financial Institutions.

"California's financial institutions are symbols of safety and soundness. Their role in business and industry are important to the economy and to our own personal well-being. Maintaining the integrity of financial services remains our primary mission as the industry continues to grow. During 2005, assets for our financial institution licensees grew from $249 billion to $290 billion," added Kelley.

In 2005, 22 de novo state banks opened with DFI approval and in 2006, 21 were approved for opening. In addition, scores of banks expanded their operations by opening hundreds of branches throughout the state. 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.

Sunrise Community Bank will be temporarily located at 74-040 Highway 111, Palm Desert, CA 92260. The bank's permanent location will be in a new office park at Cook Street and Hovley Lane in Palm Desert. The bank's phone number is (760) 346-6139.

Stu Bailey will serve as President; Tay Fried as EVP/Chief Operating Officer; Daniel T. Grenci as EVP/Chief Credit Officer; and JoAnn Dangwillo as VP/Loan Operations Manager.

Like all California state-chartered banks, Sunrise Community 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 Dale Bonner and Gov. Arnold Schwarzenegger.