Monthly Bulletin – July 2000

State of California

Department of Financial Institutions

California Seal

Monthly Bulletin

Volume 4, Number 1

July, 2000

Help DFI Make E-Government Work

To improve our service to the public and the industry, the Department of Financial Institutions (DFI) is collecting URLs and e-mail addresses of the financial institutions we regulate. A survey form has been sent to each licensee and can be filled out online from our Web site. We encourage licensees to use the online option. Please refer to the survey form for more details. Through electronic communication, DFI hopes to realize significant benefits by preserving scarce natural resources and saving time and money. Survey recipients are asked to respond by August 31, 2000.

Consumer Information Desk Notice

Department of Motor Vehicle Requirements – Paid Auto Loans and Lien Releases

The vast majority of inquiries and complaints that the Department’s Consumer Information Desk currently receives and responds to, involves lien releases on vehicle certificates of title. Lost certificates of title ("pink slips") by consumers together with the large number of mergers of financial institutions account for this activity. Apparently many consumers are not aware that the Department of Motor Vehicles (DMV) requires consumers to submit their certificates of title with the lien holder’s releasing signature to DMV within 30 days of its receipt to remove the lien holder’s name and have a new title issued showing them as the new legal owner. (DMV web site FAQ – Legal owner and lien holder are one and the same.)

The Department would like to improve consumer awareness to reduce the number of inquires/complaints received in this area. In this regard, all licensees are encouraged to review their present procedures to ensure that clear and accurate language is provided to consumers about DMV’s requirements for removing the lien holder’s name after paying a vehicle loan off.

DMV charges $15 to remove or change a legal owner on a motor vehicle. Usually this can be accomplished by mailing in the title with a check or money order for fee. If the consumer loses the title, the consumer is required to apply for a duplicate title complete with the notarized signature of the lien holder’s release. The fee for a duplicate title is $7.

Request for a title change or replacement should be mailed to:

Department of Motor Vehicles
Registration Operations
P.O. Box 942869
Sacramento, California 94269-0001

DFI Staff Recognized for Y2K Transition Efforts

The Commissioner is pleased to announce that the Department of Information Technology (DOIT) has recognized two individuals from the Department of Financial Institutions for their contributions to the success of the Year 2000 (Y2K) transition. Mary Ann Havens served as the Department’s Y2K Project Manager. Craig Carlson served as the Department’s Continuity Plan for Business (CPB) Manager. Both were presented with Y2K Recognition Certificates at a meeting in Sacramento on June 15, 2000. Ms. Havens and Mr. Carlson, along with project team members, made a significant contribution to the success of the Department’s plans to be prepared for potential problems created by any Y2K bug. The Department would like to congratulate Ms. Havens and Mr. Carlson on receiving the recognition certificates and thank them for their work on the project.

Monthly Activity Report

Commercial Bank Activity

New Bank

Proposed Location: 403 Davis Street, City of Vacaville, Solano county (95688)
Opened: 7/17/00
Capitalization: $9,000,000
Thomas N. Gavin, Chairman of the Board; Glen C. Terry, Chief Executive Officer & President; Le-Ann Almeida, Chief Financial Officer
Phone: 707-452-7000


Bank of Lake County, Lakeport, with and into Westamerica Bank, San Rafael
Filed: 7/18/00
Approved: 7/20/00

CalWest Bank, Torrance, with and into Bank of Orange County, Fountain Valley
Filed: 6/29/00
Approved: 7/13/00
Effected: 7/14/00

Sale of Partial Business Unit

Humboldt Bank, Eureka, California, to sell certain deposits to First National Bank in Brookings, Brookings, South Dakota
Filed: 3/25/00
Approved: 7/5/00

Industrial Loan Company Activity

New Industrial Loan Company

730 Alhambra Boulevard, Suite 202, Sacramento
(Premium Finance Company)
Filed: 11/3/99
Approved: 7/24/00

Sale of Whole Business Unit

Crown American Bank, Inglewood, to sell substantially all its assets to Imperial Bank, Inglewood
Approved: 11/5/99

Foreign Bank Activity

Foreign (Other Nation) Bank – To Establish Office

811 Wilshire Boulevard, Los Angeles
(Representative Office)
(in connection with the transformation of the Depositary Agency to a Representative Office)
Filed: 7/20/00
Approved: 7/20/00

(Taipei, Taiwan)
17700 Castleton Street, Suite 500, City of Industry
(Wholesale Branch)
Opened: 7/25/00
Contact Person: Cheng Chen, General Manager
Phone: (626) 810-2400

(Makati City, Philippines)
660 South Figueroa Street, Suite 1100, Los Angeles
(Depositary Agency)
Approved: 7/7/00

Foreign (Other Nation) Bank – To Discontinue Office

811 Wilshire Boulevard, Los Angeles
(Depositary Agency)
(in connection with the transformation of the Depositary Agency to a Representative Office)
Filed: 7/20/00
Approved: 7/20/00

Foreign (Other State) Bank – To Establish Branch Office

(New York, New York)
Proposed Location: 170 Mountain Boulevard, Mammoth Lakes, Mono County
(Mammoth Lake Branch)
Opened: 6/6/00

Credit Union Activity


Anaheim City Employees Credit Union (dba Anaheim Area Credit Union) into Orange County’s Credit Union
Filed: 6/14/00
Approved: 6/23/00
Placer Nevada Grange Credit Union, Auburn into Butte Federal Credit Union, Biggs
Approved: 6/22/00

Issuer of Travelers Checks Activity

Voluntary Surrender of License

Thomas Cook Australia PTY., Ltd.
100 Yonge Street, 15th Floor, Toronto, Canada
Effected: 7/14/00


Commissioner of Financial Institutions

Bulletin for month ended
July 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