Department of Financial Institutions Announces New State Bank - Commerce Bank of Temecula Valley will open on September 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. Commerce Bank of Temecula Valley will open for business on September 17, 2007 in Murrieta, Riverside County, with initial capital of $15 million.
"I am pleased to welcome Commerce Bank of Temecula Valley -- the 11th new bank to open in 2007 -- and to report that state-chartered banks continue to grow and prosper in California," said Carol D. Chesbrough, Chief Deputy 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 Chesbrough.
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.
Commerce Bank of Temecula Valley is located at 25220 Hancock Avenue, Suite 140 Murrieta, CA 92562. The bank's phone number is (951) 973-7400 and Fax (951) 973-7401. The bank's Web site address is www.commercebanktv.com and is currently under development.
Bill Demmin will serve as President and CEO; Skip Maniscalco as Executive Vice President and Chief Credit Officer and LouEllen Ficke as Executive Vice President and Chief Financial Officer.
Like all California state-chartered banks, Commerce Bank of Temecula Valley deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 700 state 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.