Department of Financial Institutions Announces New State Bank - California Bank of Commerce will open in Lafayette on July 17
(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. California Bank of Commerce will open for business on July 17, 2007 in Lafayette, Contra Costa County, with initial capital of $27.5 million.
"I am pleased to welcome California Bank of Commerce -- the tenth 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 2006, assets for our financial institution licensees grew from $290 billion to $316 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.
California Bank of Commerce is temporarily located at 270 Lafayette Circle, Lafayette, CA 94549. The bank's phone number is (925) 283-2265; Fax is (925) 283-2269. The bank's Web site address will be announced at a later date (under development).
John Rossell will serve as President and CEO; John Thomas Byron as Chief Financial Officer; John Lindstedt as Chief Credit Officer; and Virginia Robbins as Chief Administrative Officer.
Like all California state-chartered banks, California Bank of Commerce 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 money transmitters. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.