Press Releases Press Releases

PRESS RELEASE 09-02
January 30, 2009
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 - Valley Republic Bank will open for business on Feb. 2 in Bakersfield

(San Francisco, CA) The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Valley Republic Bank will open for business on February 2, 2009 in Bakersfield, CA with initial contributed capital of $25 million.

"I am pleased to welcome Valley Republic Bank, the first new state chartered bank to open in California in 2009," 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.

Valley Republic Bank is located at 5000 California Avenue, Suite 110, Bakersfield, CA 93309. The bank's main phone number is (661) 371-2000 and the Fax is (661) 371-2010. Their Web address is www.valleyrepublicbank.com.

Bruce Jay will serve as President/CEO; Grady Buck as Executive Vice President and Chief Credit Officer; Phil McLaughlin as Executive Vice President of Business Development; and Craig Swenson as Senior Vice President and Chief Financial Officer.

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

DFI oversees the secure operation of 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.

# # #