Important Notices

Monthly Bulletin 


Volume 14, Issue 12 - June 2011


2011-12 Assessment

Commercial Banks, Foreign Banks and Trust Companies

Assessment invoices were mailed to commercial banks, foreign banks and trust companies on June 30, 2011.

For the purposes of this assessment, the base rate was set at $1.41, an eight-cent increase from last year’s rate of $1.33.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 20, 2011.  The statutory maximum rate is $2.20 per thousand dollars of total assets.

Industrial Banks

The assessment rate for industrial banks this year was set at $0.99 per thousand dollars of total assets, unchanged from last year’s rate. The statutory maximum rate is $2.20 per thousand dollars of total assets.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 20, 2011.  Insurance premium finance companies will be assessed on November 30, 2011. 

Credit Unions

The 2011-12 assessment rate was set at $0.75 per thousand dollars of total assets, unchanged from last year’s rate. Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011.  The statutory maximum rate is $2.20 per thousand dollars of total assets.

Money Transmitters

Money Transmissions

The 2011-12 assessment rate was set at $0.10 per every thousand dollars in transmission money received by a licensee in calendar year 2010, unchanged from last year’s rate.  Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011. 

Issuers of Travelers Checks and Payment Instruments

The 2011-12 assessment rate was set at $0.64 per thousand dollars of total payment instruments and stored value sold by the licensee, unchanged from last year’s rate. Invoices were mailed to each licensee on June 30, 2011 and become delinquent if not paid by July 26, 2011. 


Executive Officer and Director Compensation Survey

Instructions for completing the 34th Annual Executive Officer and Director Compensation Survey as of June 30, 2011 are in the process of being mailed and/or e-mailed to the CEOs of all state-chartered banks, industrial banks and national banks headquartered in California.

This marks the second year that survey respondents will complete the form by logging into a secure web site.  With this change, we hope to make the form easier for participants to complete and to reduce the processing time needed to produce the results.

Recipients are asked to respond by Friday, September 2, 2011 so the results can be compiled into a summary report that will be e-mailed to participating banks later this year.  If you do not receive a letter and/or an email with your password and logon ID by Friday, July 15, 2011, please contact Patrick Carroll at (415) 263-8559 or by e-mail at pcarroll@dfi.ca.gov.

The survey results for the 33rd Annual Executive Officer and Director Compensation Survey as of June 30, 2010 are now available at www.dfi.ca.gov/publications/executive_summaries/default.html.


Commercial Bank Activity

Acquisition of Control

Sang Hoon Jeung, to acquire control of First Choice Bank
Approved: 6/28/11

Sale of Partial Business Unit

Mizuho Corporate Bank of California, Los Angeles, to sell partial business unit to Bank of Southern California, N.A., San Diego
Filed: 6/21/11
Approved:  6/23/11

Merger

Cascade Bank, Everett, Washington, to merge with and into Opus Bank, Irvine, California
Approved: 6/9/11
Effected: 6/30/11

Golden Security Bank, Rosemead, to merge with and into First General Bank, Rowland Heights
Filed: 5/27/11
           
Merger (Continued)

Orange Community Bank, Orange, to merge with and into Grandpoint Bank, Los Angeles
Approved: 6/9/11

Change of Name

Golden Coast Bank, to change its name to Evergreen International Bank
Effected: 5/16/11


Credit Union Activity

Merger

1st Choice Federal Credit Union, Castro Valley, to merge with and into S.F. Police Credit Union, San Francisco
Approved: 6/2/11

Field of Membership

Two credit unions received approval to add two new fields of membership during May 2011.

Bylaw Amendment

Two credit unions received approval for two bylaw amendment during May 2011.

Change of Name

Mid-Cities Financial Credit Union to change its name to Mid-Cities Credit Union
Effected:  2/24/111


Premium Finance Company Activity

New Premium Finance Company

First Provident Bancorp, Inc.
500 N. State College Boulevard, Orange, Orange County
Filed: 6/16/11

Gracie Point Premium Funding, Inc.
201 Spear Street, City and County of San Francisco
Approved: 6/27/11


Foreign (Other Nation) Bank Application

New Office

Banco Bilbao Vizcaya Argenteria, S.A.
1 South Park Street, City and County of San Francisco (Representative Office)
Filed: 6/23/11

Voluntary Surrender of License

Bank of Nova Scotia (The)
580 California Street, City and County of San Francisco (Representative Office)
Notified: 6/1/11
Effected: 6/30/11


Money Transmitter Activity

New Money Transmitter

AscendantFX Capital USA, Inc. dba AscendantFX
Filed : 6/1/11

Acquisition of Control

Progress International, LLC, to acquire control of Unidos Financial Services, Inc.
Abandoned: 12/30/10


WILLIAM S. HARAF
Commissioner of Financial Institutions
Bulletin for Month ended
June 2011, issued pursuant
to Financial Code section 258