State of California

Gray Davis, Governor

Business Transportation and Housing Agency
Maria Contreras-Sweet, Secretary

Department of Financial Institutions

http://www.dfi.ca.gov


Monthly Bulletin


Volume 4, Number 12

June, 2001


Governor Davis Appoints Carol D. Chesbrough Chief Deputy Commissioner

Governor Gray Davis announced the appointment of Carol D. Chesbrough as Chief Deputy Commissioner of the Department of Financial Institutions.

Ms. Chesbrough is the Acting Chief Deputy Commissioner for the Department of Financial Institutions. She has more than 20 years of experience in state government, law and policy positions. Ms. Chesbrough served as the Administrative Advisor and Counsel to the Executive Director of the California Complete Count Campaign. From 1986 to 1999, she held positions at the California Department of Agriculture, which included Senior Counsel, Marketing Division Director, and the Change Management Director. During her tenure with the State of California, Ms. Chesbrough has also served at the California Department of General Services, the California Energy Commission, and the California Attorney General's Office. She earned a bachelor of arts degree from Humboldt State University, and a juris doctorate degree from McGeorge School of Law.

The Chief Deputy Commissioner oversees administrative services, financial matters, policy planning and legislative affairs for the Department of Financial Institutions. Ms. Chesbrough will receive a salary of $108,324. This position does not require Senate confirmation.

Margaret Svoboda Appointed Legislative Deputy Commissioner

Department of Financial Institutions Commissioner Donald R. Meyer today announced the appointment of Margaret ("Meg") Svoboda as Legislative Deputy Commissioner for the Department of Financial Institutions (DFI) effective June 11, 2001.

Ms. Svoboda has extensive legislative experience and her most recent position was as a consultant with the California Assembly Committee on Banking and Finance. She formerly served as a fiscal and policy analyst with the Legislative Analyst's Office focusing on business development and regulation. Through these positions, she had responsibility for analyzing the Department’s programs and budget as well as various legislative issues.

She is an honors graduate of DePauw University and has a master's degree in Public Administration from Colombia University. Additionally, Ms. Svoboda was in the Peace Corps in Africa.

Ms. Svoboda will be located in the Sacramento Office at (916) 322-5966.

Craig Carlson Appointed Deputy Commissioner of the San Diego/Orange County Region

Department of Financial Institutions Commissioner Donald R. Meyer today announced the appointment of Craig A. Carlson as Deputy Commissioner for the Department of Financial Institutions, San Diego/Orange County Region effective June 18, 2001.

Mr. Carlson joined the California State Banking Department (now the Department of Financial Institutions) as a Junior Bank Examiner in 1974 and has been an Assistant Deputy Commissioner in the San Diego Office since 1986.

He earned his Bachelor of Arts degree in Accounting from San Diego State University and is a graduate of the National Commercial Lending School in Norman, Oklahoma.

Mr. Carlson was a faculty member of the California Banking School from 1989 until 1998. In addition, he has been an instructor for the Conference of State Bank Supervisors (CSBS) in Washington, DC and from 1991 to 1992 he was Chairman of the CSBS Curricula Committee. CSBS is the largest provider of bank examiner technical training for state banking departments nationwide.

Mr. Carlson will be located in the San Diego Office at (858) 642-4242.

Department Receives Re-accreditation from CSBS

Commissioner Donald R. Meyer today announced that the Department has received its third certificate of accreditation from the Conference of State Bank Supervisors (CSBS), certifying that the Department maintains the highest standards and practices in state banking supervision. The CSBS Accreditation Program identifies banking departments that serve the citizens of their state by operating a capable and professional regulatory program.

The Department was first accredited in 1990, and currently supervises 202 commercial banks, 22 industrial banks, 18 non-deposit trust companies and 54 foreign agencies and foreign branches with total commercial bank assets of approximately $124 billion.

The CSBS Performance Standards Committee voted for re-accreditation based on the reports of a re-accreditation review team (comprised of veteran state and federal regulators) and an audit team. In addition to an on-site review, the accreditation process includes an extensive self-evaluation questionnaire on all department operations: administration and finance, personnel, training, examination, supervision, and legislative powers.

The Conference of State Bank Supervisors is the only national organization dedicated to enhancing the value of the state charter and strengthening the dual banking system. Founded in 1902, CSBS is the premier resource for state banking and the major champion of the American dual banking system. A fundamental goal of CSBS is enhancing the professionalism of state banking departments and their personnel. Well-educated examiners bring more efficiency, experience, and accuracy to the examination process.

Department Obtains Permanent Injunction Against Allied Boston Bank

On June 26, 2001, the Department obtained a permanent injunction against Allied Boston Bank and Jack Grover, 100 Pine Street, Suite 2260, San Francisco, CA 94111, prohibiting them from conducting banking business in California.

Allied Boston Bank and Mr. Grover are not authorized to transact business in the way or manner of a bank and are not authorized to transact business under a name which contains the word "bank" and indicates the business is that of a bank pursuant to Chapter 18 of Division 1 of the California Financial Code. All persons who have communicated with Allied Boston Bank or Mr. Grover are asked to contact the Department of Financial Institutions, Legal Division, San Francisco, at (415) 263-8514.

Notice of Assessment Rates for Banks, Foreign Banks and Trust Companies

The base rate will increase slightly from $0.95 to $0.98. This rate reflects the need to maintain a prudent level of reserves in the Banking Fund. Invoices will be mailed to each licensee on July 2, 2001 and become delinquent if not paid by August 1, 2001.


Notice of Assessment for Industrial Banks

Legislation that was enacted in 2000 changed the formula and the date of the industrial bank assessment. It also eliminated examination fees for regular examinations and made the annual assessment the principal source of funds for the support of the industrial bank program. The 2001-02 fiscal year marks the first full year that the new formula was used to assess industrial banks. The assessment rate for industrial banks this year is $0.7641 compared to $0.491113 for the seven-month period from December 1, 2000 to June 30, 2001. Invoices will be mailed to each licensee on July 2, 2001 and become delinquent if not paid by August 1, 2001. Insurance premium finance companies will be assessed on November 30.

Notice of Assessment for State Chartered Credit Unions

The 2001-02 assessment rate for credit unions this year is unchanged from last year’s rate of 0.747282343. Invoices will be mailed to each licensee on July 2, 2001 and become delinquent if not paid by August 1, 2001. A letter containing more information about the assessment will be included with each invoice.

Notice of Assessment for State Chartered Savings and Loan Associations

The 2001-02 assessment rate for savings and loan associations is unchanged from last year’s rate of $0.495100. Invoices will be mailed to each licensee on July 2, 2001 and become delinquent if not paid by August 1, 2001. A letter containing more information about the assessment will be included with each invoice.

Monthly Activity Report

Commercial Bank Activity

New Banks

American Premier Bank
Proposed Location: in the vicinity of East Huntington Drive between Baldwin and Fifth Avenue,
Arcadia, Los Angeles County
Correspondent: Henry M. Fields, Morrison & Foerster LLP
555 West Fifth Street, Los Angeles, CA 90013-1024
Phone: (213) 892-5200
Approved: 6/21/01

Napa Community Bank
Proposed Location: Northwest corner of Trancas and Big Ranch Road, Napa, Napa County
Correspondent: Cristin Reid English, Executive Vice President
First California Northern Bancorp
200 Washington Square North
Lansing, MI 48933
Phone: (602) 955-6100 or (517) 487-6555
Filed: 6/6/01

Mergers

American Commercial Bank, Ventura with and into Mid-State Bank, Arroyo Grande
Filed: 6/18/01

Tokai Bank of California, Los Angeles, with and into Sanwa Bank California, San Francisco
Approved: 6/15/01

Conversion to State Charter

Six Rivers National Bank, Eureka, to convert to a state chartered bank under the name Six Rivers Bank
Filed: 6/11/01

Acquisition of Trust Business

BNY Western Trust Company, Los Angeles, to acquire the corporate trust business of U.S. Trust Company, National Association, Los Angeles
Filed: 6/6/01
Approved: 6/21/01

Acquisition of Branch Office

Redding Bank of Commerce, Redding, to acquire the Citrus Heights Office of FirstPlus Bank, Tustin, located at 6950 Sunrise Boulevard, Citrus Heights
Effected: 6/15/01

Application for Trust Powers

Community Bank of San Joaquin
22 West Yokuts Avenue, Stockton, San Joaquin County
Approved: 6/29/01

Foreign Bank Activity

Voluntary Surrender of License

The Provident Bank
595 Market Street, San Francisco, San Francisco County
(Facility – Insured Bank)
Effected: 11/15/00

The Tokai Bank, Ltd.
300 South Grand Avenue, Los Angeles, Los Angeles County
(Nondepositary Agency)
Effected: 6/27/01

Industrial Loan Company Activity

New Premium Finance Company

Allegiance Premium Finance Company, Inc.
936 Mangrove Plaza, Chico, Butte County
Filed: 6/20/01

Thomco Finance, Inc.
2525 Cherry Avenue, Suite 150, Long Beach, Los Angeles County
Effected: 6/1/01

Credit Union Activity

Mergers

Cal West Credit Union, Newport Beach into Financial Partners Credit Union, Downey
Effected: 6/26/01

California State Employees #122 Credit Union, Atascadero into The Golden 1 Credit Union, Sacramento
Effected: 6/15/01

Central Coast Credit Union, San Luis Obispo, with and into County City Employees Credit Union, San Luis Obispo
Effected: 6/20/01

Las Flores Credit Union, San Luis Obispo, with and into County City Employees Credit Union, San Luis Obispo
Effected: 6/20/01

Lodi Employees Credit Union, Lodi into Eagle Credit Union, Stockton
Effected: 3/5/01

Conversion

Riverside Campus Federal Credit Union, Riverside
Filed: 6/15/01

Savings and Loan Activity

Conversion to Federal Charter

El Dorado Savings Bank, Placerville, converted to a federal savings bank under the name El Dorado Savings Bank, F.S.B.
Effected: 6/14/01

 

 

DONALD R. MEYER
Commissioner of Financial Institutions

 

Bulletin for month ended
June 2001, issued pursuant
to Financial Code, Section 258

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