Monthly Bulletin – February 2001

State of California

Gray Davis, Governor

Business Transportation and Housing Agency
Maria Contreras-Sweet, Secretary

Department of Financial Institutions

California Seal

Monthly Bulletin

Volume 4, Number 8

February, 2001

DFI Seeking Comments Regarding Credit Union Regulations

The Department is conducting an extensive review of the Credit Union Regulations in order to identify changes which are necessary to, among other things, (1) clarify the regulations, (2) update the regulations to conform to existing law and industry practices, (3) relieve unnecessary regulatory burden, and (4) promote the safe and sound operation of credit unions. In light of this review, the Department invites comments from interested parties regarding the Credit Union Regulations. Based upon the comments received, the Department intends to amend the existing Credit Union Regulations. Comments should be received in writing, postmarked no later than April 30, 2001. Please send any comments to:

Deputy Commissioner Elizabeth J. Dooley
Department of Financial Institutions
300 S. Spring Street, Ste. 15513
Los Angeles, CA 90013-1204

Submissions by e-mail may be sent to Please also include the name, title, company, street address and phone number of the sender; anonymous comments will not be accepted.

2001 Financial Institutions Law Now Available

The Banking Law, Industrial Bank Law, Payment Instruments Law, Business and Industrial Development Corporations Law, Savings Association Law, Credit Union Law, Industrial Loan Law and Related Laws, as of January 1, 2001 is now available in a convenient, 8 ½” x 11″ looseleaf format. The 2001 Financial Institutions Law replaces all earlier editions. Copies are in the process of being mailed to each Department licensee. Other interested parties and licensees that wish to receive additional copies may order the Financial Institutions Law from the Department of General Services, Documents and Publications Section. To order, please refer to the order form. Readers are reminded that the full text can be accessed from our Web site at

Receive the Monthly Bulletin by E-Mail

The Department makes the Monthly Bulletin available by e-mail as an PDF document. If you would be interested in receiving the Bulletin by e-mail, send e-mail to indicating your interest and the e-mail address where you would like the Bulletin to be sent. Also, please include your name, company name and phone number. The Monthly Bulletin is also available on our Web site at

Monthly Activity Report

Commercial Bank Activity



New Bank



American Premier Bank
Proposed Location: in the vicinity of East Huntington Drive between Baldwin and Fifth Avenue, Arcadia, Los Angeles County
Correspondent: Henry M. Fields, Morrison & Foerster LLP
555 West Fifth Street, Los Angeles, CA 90013-1024
Phone: (213) 892-5200
Filed: 1/31/01



Application for Trust Powers



EastWest Bank
415 Huntington Drive, San Marino, Los Angeles County
Filed: 2/6/01



Conversion to State Charter



People’s Bank of California, Los Angeles, to convert from a federal savings bank to a state chartered bank under the same name.
Withdrawn: 11/13/00






Antelope Valley Bank, Lancaster with and into California Bank & Trust, San Diego
Filed: 2/13/01

Eldorado Bank, Tustin, with and into California Bank & Trust, San Diego
Filed: 2/13/01

First Security Bank of New Mexico, N.A., Albuquerque, New Mexico, with and into Bank of the West, San Francisco
Effected: 2/16/01

Industrial Bank Activity



Acquisition of Branch Office



Affinity Bank, Ventura, to acquire the Irvine Branch Office of First Plus Bank, Tustin, located at 14252 Culver Drive, Irvine, Orange County
Approved: 2/8/01

Foreign Bank Activity



New Foreign (Other State) Bank



FTTrust Company
In the vicinity of the City of San Mateo, San Mateo County
(Facility – Uninsured Bank)
Contact person: Ellen R. Marshall
Morrison & Foerster LLP
19900 MacArthur Boulevard
Irvine, CA 92612-2445
Phone: (949) 251-7500
Filed: 1/31/01
Approved: 2/23/01

Credit Union Activity






Cal West Credit Union, Newport Beach with and into Financial Partners Credit Union, Downey
Filed: 2/2/01

Citrus and Avocado Employees Federal Credit Union, Ventura with and into California Agribusiness Credit Union, Buena Park
Filed: 2/27/01

Mobil West Federal Credit Union, Torrance with and into Premier America Credit Union, Chatsworth
Filed: 2/20/01



Conversion to State Charter



Miramar Federal Credit Union, San Diego
Filed: 1/24/01

Transmitter of Money Abroad Activity



New Transmitter



Armenian Express, Inc.
Filed: 12/17/99
Approved: 4/17/00
Opened: 6/30/00

Issuer of Travelers Checks Activity



Voluntary Surrender of License



Societe Francaise du Cheque de Voyage
Effected: 2/13/01


Commissioner of Financial Institutions

Bulletin for month ended
February, 2001, 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