State of California
|Gray Davis, Governor||
Business Transportation and Housing Agency
|Department of Financial Institutions||
|Volume 4, Number 6||
Deputy Commissioner of Credit Unions Takes Office
Elizabeth Dooley took office as Deputy Commissioner of Credit Unions on December 4, 2000. Governor Gray Davis appointed Ms. Dooley to her post on October 31, 2000. She will be located in the Los Angeles Office and can be reached by telephone at (213) 897-2225 or by e-mail at email@example.com. Ms. Dooley has a B.A. from Mills College and a J.D. from the Western State University College of Law. She worked as an associate counsel for the California Credit Union League where she advised credit unions on legal and regulatory matters. Prior to this, Ms. Dooley also worked for Dycorp USA Inc. and Dean Witter Reynolds. For more information, please see the notice that was published in the October 2000 Monthly Bulletin regarding Ms. Dooley’s appointment.
Electronic Financial Services Survey
An electronic financial services survey was sent out to all of the Department’s licensees in October 2000. With a response rate of over 63%, the survey provided valuable information and insight about DFI licensees’ uses and perspectives regarding electronic financial services.
Survey Response by Licensee Group
70% Banks, thrifts, and savings & loans
69% Credit unions
73% Foreign banking organizations
53% Premium finance companies
35% Trust companies, money transmitters, payment instruments, travelers checks, and BIDCO
- 50% of all respondents indicated that they had established a website.
- 80% of the banks, thrifts, and savings & loans that responded to the survey indicated that they had a website.
- 70% of the credit unions that responded indicated that they had a website.
- Over 60% of the survey respondents with websites indicated that they allow some degree of transactional activity.
- Over 65% of the banks, thrifts, savings & loans and credit unions that do not currently have a website indicated that they plan to establish one within twelve months.
- Approximately 10% of the survey respondents indicated they have established a kid’s website.
Communicating with DFI via the Internet or other electronic means:
- 83% of survey respondents indicated that if the Department were to allow the submission of reports and filings electronically over secured connections via the Internet they would likely use the service.
- 38% stated their response would change if they would be required to obtain digital signature hardware/software to communicate with DFI over the Internet.
- 6% of the survey respondents indicated they are currently using digital signature technology.
Thanks to all licensees who took the time to complete survey. The results of the survey will be used by the Department to develop better ways of serving its licensees and the public. For further information about the survey, please contact Mike Curran at (858) 642-4245 or by e-mail at firstname.lastname@example.org.
New Fax Number for Licensing/Policy Section
Patrick Carroll and Cari Rodriguez in the Licensing/Policy Section have a new fax number: (415) 288-8836. Please update your records accordingly.
Monthly Activity Report
Commercial Bank Activity
Premier Valley Bank
(Name amended 12/7/00 from Valley First Bank)
Proposed Location: 8355 North Fresno Street, Fresno, Fresno County
Correspondent: J. Mike McGowan
870 East Ridgecrest Drive
Fresno, CA 93720
Phone: (559) 433-0924
Proposed Location: 6280 Beach Boulevard, Buena Park, Orange County
Correspondent: Grace Wickersham
Carpenter & Company
5 Park Plaza, Suite 950
Irvine, CA 92614
Bank of San Francisco, San Francisco, with and into First Bank & Trust, San Francisco
Millennium Bank, San Francisco, with and into First Bank & Trust, San Francisco
Prime Bank, Los Angeles, with and into East-West Bank, San Marino
Scripps Bank, La Jolla, with and into U.S. Bank National Association, Minneapolis, Minnesota
Application for Trust Powers
1026 Grand Avenue, Arroyo Grande, San Luis Obispo County
Savings & Loan Association Activity
Conversion to Federal Charter
Luther Burbank Savings, Santa Rosa, converted to a federal savings association
Credit Union Activity
BayTech Federal Credit Union, Santa Clara with and into Technology Credit Union, San Jose
Citrus and Avocado Employees Federal Credit Union, Ventura with and into California Agribusiness Credit Union, Buena Park
Mobil West Federal Credit Union, Torrance with and into Premier America Credit Union, Chatsworth
West Los Angeles Japanese Credit Union, Los Angeles with and into Nikkei Credit Union, Gardena
First Federal Credit Union, Sacramento
Kaiser Lakeside Federal Credit Union, Oakland
Long Beach Schools Federal Credit Union, Long Beach, as LBS Financial Credit Union
North County Federal Credit Union, La Jolla as North County Credit Union
Rockwell Federal Credit Union, Downey, as Financial Partners Credit Union
Silicon Valley Federal Credit Union, Palo Alto
Star One Federal Credit Union, Sunnyvale, as Star One Credit Union
Unipac Federal Credit Union, San Francisco, as Unipac Credit Union
USC Federal Credit Union, Los Angeles as USC Credit Union
Vandenberg Federal Credit Union, Vandenberg Air Force Base
Ventura County Federal Credit Union, Ventura, as Ventura County Credit Union
Whittier Area Federal Credit Union, Whittier as Credit Union of Southern California
Transmitter of Money Abroad Activity
Dollars Express International, Inc.
Issuer of Payment Instruments Activity
Voluntary Surrender of License
DONALD R. MEYER
Commissioner of Financial Institutions
Bulletin for month ended
December, 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 email@example.com.