Press Releases Press Releases

PRESS RELEASE 08-13
December 2, 2008
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 - Global Trust Bank will open for business on December 3 in Mountain View, Santa Clara County

(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Global Trust Bank will open for business on December 3, 2008 in Mountain View, Santa Clara County with initial contributed capital of $21 million.

"I am pleased to welcome Global Trust Bank, the eighth new state chartered bank to open in California in 2008," said William S. Haraf, Commissioner of Financial Institutions. "California's state chartered financial institutions are important to the State's economy and to the diverse communities they serve. Maintaining the integrity of financial services through safety and soundness examinations of these institutions remains DFI's primary mission," added Haraf.

During 2007, assets of DFI licensees rose to $331 billion from $316 billion at the end of 2006. Eighteen de novo state banks opened with DFI approval. In addition, scores of banks expanded their operations by opening dozens of branches throughout the state, the U.S. and abroad.

Global Trust Bank is located at 700 E. El Camino Real, Suite 300, Mountain View, CA 94040-2804. The bank's main phone number is (650) 810-9400. The Web site address is: www.myglobaltrustbank.com.

Jim Wall will serve as President and CEO; R. Dale McKinney as Senior Vice President and Chief Financial Officer; and Robert C. Navarrete as Senior Vice President and Chief Credit Officer.

Like all California state-chartered banks, Global Trust Bank deposits are currently insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.

DFI oversees the secure operation of approximately 700 financial institutions. DFI is responsible for administering state laws regulating: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), money transmitters and premium finance companies. The Department also administers the Local Agency Security program, which ensures that public deposits in California financial institutions that exceed the federal deposit insurance limit are secured by pledged assets. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.