DFI Monthly Bulletin - November 2009
Volume 13, Issue 5 - November 2009
Premium Finance Company Assessment
In accordance with Financial Code Sections 18350, 18351, and 18352, the Commissioner of Financial Institutions assessed all California insurance premium finance companies in order to fund the operations of the Department of Financial Institutions in administering the laws relating to insurance premium finance companies. Invoices for the assessment will be mailed on December 2, 2009. The assessment must be paid in full by December 22, 2009.
For the purposes of this assessment, the base rate is set at 0.0075 percent of each insurance premium finance company's total assets. The amount of the assessment on each insurance premium finance company is calculated in accordance with Financial Code Sections 18350 and 18351. The minimum amount for any institution is $250. For purposes of calculating the assessment, the total assets of each insurance premium finance company have been determined as of December 31, 2008.
State Closes United Commercial Bank
The California Department of Financial Institutions (DFI) announced on November 6, 2009 that regulators have closed United Commercial Bank citing inadequate capital and other material weaknesses.
The DFI has been closely monitoring the bank and had ordered it to increase its capital reserves to a safe and sound level, but efforts by the bank to do so were unsuccessful.
The closure was conducted with the cooperation of the Commissioner or Superintendent of the following states: Massachusetts, New York, Georgia, Texas and Washington.
Immediately following the closure, the DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of United Commercial Bank. The depositors of United Commercial Bank are protected by the FDIC to the extent of any applicable deposit insurance. For information about FDIC coverage limits and requirements, visit http://www.fdic.gov or call toll-free 1-877-ASK-FDIC.
Banks Must Submit Lists of Offices by December 31
Pursuant to Financial Code section 507, all commercial banks, industrial banks and trust companies are required to file a list of all offices that are currently maintained and operated by the bank. The report shall designate the type of each office that is being maintained and operated, and the complete address of each office. Please note that this requirement does not apply to other licensee types, e.g., credit unions, money transmitters, etc.
For the purposes of section 507, please provide the following information on or before Thursday December 31:
- Name of bank
- Popular name of facility
- Office type (include the head office, branch and facility locations; do not include free-standing ATM facilities)
- Street address
Responses may be made by email to Licensing@dfi.ca.gov or by postal mail to Department of Financial Institutions, 45 Fremont Street, #1700, San Francisco, CA 94105-2219 Attn: Strategic Support Section. For questions please contact Patrick Carroll at email@example.com or call (415) 263-8559.
Commercial Bank Activity
Ford Group Bank
3501 Jamboree Road, Newport Beach, Orange County
Correspondent: Charles E. Greef and Brian R. Marek
Hunton & Williams LLP
1455 Ross Avenue, Suite 3700
Dallas, TX 75202
(214) 468-3331 or (214) 468-3351
Sale of Partial Business Unit
Westamerica Bank, San Rafael, to sell the San Jose branch office to City National Bank, Los Angeles
Change of Name
Citibank (Banamex USA), to change its name to Banamex USA
Premium Finance Company Activity
New Premium Finance Company
Citrus Premium Finance, Inc.
500 East E Street, Ontario, San Bernardino County
Credit Union Activity
One credit union received approval for two bylaw amendments during October 2009.
Foreign (Other Nation) Bank Activity
The Bank of Nova Scotia
580 California Street, City and County of San Francisco (Representative Office)
The Bank of Nova Scotia
580 California Street, City and County of San Francisco (Depositary Agency Office)
Change of Name
Credit Suisse, to change its name to Credit Suisse AG
Transmitter of Money Abroad Activity
Unidos Financial Services, Inc.
WILLIAM S. HARAF
Commissioner of Financial Institutions
Bulletin for Month ended
November 2009, issued pursuant
to Financial Code section 258