Monthly Bulletin – June 2000

State of California

Department of Financial Institutions

California Seal

Monthly Bulletin

Volume 3, Number 12

June, 2000

Carol Chesbrough Appointed Acting Chief Deputy Commissioner

Jan Lynn Owen, Chief Deputy Commissioner resigned effective July 1, 2000 and Commissioner Donald R. Meyer announced that effective the same date Carol Chesbrough will be the acting Chief Deputy Commissioner. Jan Owen has performed her duties with tireless effort, great enthusiasm and dedication to the interests of all Californians. During her years with the Department she made major contributions to legislation and policies affecting all financial institutions. She enhanced the professional reputation of the Department and her contributions to the industry have been significant. Carol Chesbrough joins the Department after many years of experience in state government managing large and complex programs utilizing her legal and policy skills along with a commitment to citizen-focused government. She was a leader of the Governor’s Census 2000 Team and the former Director of Marketing Services and Organizational Development at another state department.

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

We are pleased to announce that there will be no increase the assessment rate for this year. The base rate will remain at $.95 for a second year. This rate reflects a significant savings in our 1999/2000 budget and a slight decrease in the surplus in the Banking Account. A letter will be included with each invoice outlining the factors that affected the assessment rate. Invoices will be mailed to each licensee on July 3, 2000.

Notice of Assessment for State Chartered Credit Unions

Legislation that was enacted in 1999 changed the formula and the date of the credit union assessment. It also eliminated examination fees for regular examinations and made the annual assessment the principal source of funds for the support of the credit union program. This is the second year that this new formula is being used to assess the credit unions. The assessment rate for credit unions this year will be $.747282 compared to $.744154 for last year. Invoices will be mailed to each licensee on July 3, 2000. A letter containing more information about the assessment will be included with each invoice.


A warning to cease and desist from doing business in California without a license from the Commissioner of Financial Institutions was issued to Jack Grover, Allied Boston Bank, 100 Pine Street, Suite 2260, San Francisco, CA 94111.

Mr. Grover and Allied Boston Bank 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 Mr. Grover or Allied Boston Bank are asked to contact the Department of Financial Institutions, Legal Division, San Francisco, at (415) 263-8514.

DFI Moves to Fill Vacant Examiner Positions

DFI received approximately 250 applications for our vacant Financial Institutions Examiner positions statewide. We have already hired 11 new examiners for our Los Angeles Office. We anticipate hiring six new examiners for our Sacramento Office in July and another 13 to 15 new examiners for our San Francisco Office in August. We would like to thank everyone who helped us solicit applications for our vacant positions.

Monthly Activity Report

Commercial Bank Activity

New Banks

Proposed Location: 505 West Second Street, City and County of San Bernardino
Filed: 6/5/00
Approved: 6/13/00
Correspondent: Madge S. Beletsky, Esq.
Fried, Bird & Crumpacker
1900 Avenue of the Stars, 25th Floor
Los Angeles, CA 90067
Phone: (310) 282-8911
(In connection with the merger of Valley Merchants Bank, N.A., with and into Business Bank of California)

Proposed Location: 1045 West Katella Avenue, City and County of Orange
Approved: 6/8/00
Correspondent: Gary Steven Findley
1470 North Hundley Street, Anaheim, CA 92806
Phone: (714) 630-7136

4570 Executive Drive, Suite 110, City and County of San Diego
Filed: 6/15/00
Correspondent: Cristin Reid English, General Counsel
Sunrise Capital Corporation
200 N. Washington Square, Lansing, MI 48933
Phone: (517) 487-6555

Conversion to National Charter

Bank of America Community Development Bank, Walnut Creek, converted to national charter under the name Bank of America Community Development Bank, N.A.
Effected: 6/15/00


Lippo Bank, San Francisco, with and into First Bank of California, Sacramento
Effected: 5/31/00

Valley Merchants Bank, N.A., Hemet, with and into Business Bank of California, San Bernardino
Filed: 6/5/00
Approved: 6/13/00

Foreign Bank Activity

Foreign (Other Nation) Bank – To Establish Office

250 Montgomery Street, San Francisco
(Representative Office)
Filed: 6/8/00
Approved: 6/8/00
Opened: 6/9/00

Foreign (Other Nation) Bank – To Discontinue Offices

250 Montgomery Street, San Francisco
(Retail Branch)
Filed: 6/8/00
Approved: 6/8/00
Discontinued: 6/9/00

5900 Wilshire Boulevard, Los Angeles
(Representative Office)
Filed: 6/16/00
Approved: 6/16/00
Discontinued: 6/20/00

Foreign (Other Nation) Bank – Voluntary Surrender of Licenses

2029 Century Park East, Los Angeles
(Wholesale Branch)
(in connection with the merger of Paribas with and into Banque Nationale de Paris)
Discontinued: 5/23/00

101 California Street, Suite 3150, San Francisco
(Representative Office)
(in connection with the merger of Paribas with and into Banque Nationale de Paris)
Discontinued: 5/23/00

Foreign (Other State) Bank – To Discontinue Facilities

1990 North California Boulevard, Walnut Creek
(Facility – Insured Bank)
Discontinued: 12/1/99

12707 High Bluff Drive, San Diego
(Facility – Insured Bank)
Discontinued: 2/1/00

777 Campus Commons Road, Sacramento
(Facility – Insured Bank)
Discontinued: 2/1/00

Credit Union Activity

New Credit Union

First Choice Community Credit Union
Filed: 4/14/00
Withdrawn: 6/21/00

Conversions to State Charter

1st City Savings Federal Credit Union, Glendale
Filed: 6/9/00

ACU Federal Credit Union, Redwood City
Filed: 11/04/99
Approved: 5/24/00

Alliance Federal Credit Union, San Jose
Approved: 5/22/00

Kaiser-Lakeside Federal Credit Union, Oakland
Filed: 4/19/00

Marine Corps West Federal Credit Union, Camp Pendleton
Filed: 5/30/00

Providence First Federal Credit Union, Burbank
Effective: 4/3/2000

Unipac Federal Credit Union, San Francisco
Filed: 5/12/00


Anaheim Area Credit Union, Anaheim, into Orange County’s Credit Union, Santa Ana
Filed: 6/14/00

Central Coast Credit Union, San Luis Obispo and Las Flores Credit Union, San Luis Obispo, into County City Credit Union, San Luis Obispo
Filed: 3/30/00

National City Federal Credit Union, National City into Point Loma Credit Union, San Diego
Effected: 5/15/00

Pacific Growers Federal Credit Union, San Leandro, into Postal Credit Union of Northern California, Castro Valley
Filed: 4/14/00
Withdrawn: 5/17/00

Placer Nevada Grange Credit Union, Auburn into Butte Federal Credit Union, Biggs
Filed: 5/15/00

Stockton Delta Credit Union, Stockton, with and into Central State Credit Union, Stockton
Effected: 5/10/00

Transmitters of Money Abroad Activity

New Transmitters

LBP Remittance Co.
Opened: 5/31/00
Contact Person: Loreta Peserio
Phone: (818) 988-5896

Motran Services, Inc.
Approved: 5/31/00

Peso Express International Remittance, Inc.
Filed: 6/16/00
Approved: 6/16/00

WorldCash Technologies, Inc.
Approved: 5/24/00

Voluntary Surrender of License

Ruesch International Inc., New York
Discontinued: 6/5/00


Commissioner of Financial Institutions

Bulletin for month ended
June 2000, issued pursuant
to Financial Code, Section 258

The Monthly Bulletin is available without charge via email as a PDF attachment. To subscribe, please contact Mary Ann Havens at