Monthly Bulletin – April 2001

Gray Davis, Governor

Business Transportation and Housing Agency
Maria Contreras-Sweet, Secretary

Department of Financial Institutions

California Seal

Monthly Bulletin

Volume 4, Number 10

April, 2001

Brian Yuen Appointed Deputy Commissioner

Department of Financial Institutions Commissioner Donald R. Meyer has announced the appointment of Brian H. Yuen as Deputy Commissioner for the Department of Financial Institutions. Mr. Yuen was appointed Deputy Commissioner, Division of Examinations, Southern California Region effective April 2, 2001.

Mr. Yuen joined the California State Banking Department (now the Department of Financial Institutions) as a junior bank examiner in 1974 and has been an Assistant Deputy Commissioner in the San Francisco Regional Office since 1991.

Mr. Yuen is a graduate of San Francisco State University. In addition, he obtained a Certificate of Banking from the Pacific Coast Banking School at the University of Washington, Seattle.

Parity Regulation

The Department has adopted Section 10.19605 to Article 10 (commencing with Section 10.19600) of Subchapter 10 of Chapter 1 of the California Code of Regulations. The regulation provides parity with federal law for two years with respect to the exemption to lending limits for loans secured by segregated deposit accounts. Legislation will need to be enacted within two years for this change to become permanent. The regulation became effective April 2, 2001. The regulation provides small state-chartered banks with the ability to better compete with national banks.

Credit Union Advisory Committee

The Credit Union Advisory Committee was created legislatively in 1996, effective July 1, 1997, concurrently with the creation of the Department of Financial Institutions. The committee advises the Commissioner and the Deputy Commissioner of Financial Institutions for the Division of Credit Unions on matters relating to credit unions or the credit union business.

The Secretary of Business, Transportation and Housing Secretary, Maria Contreras-Sweet, has appointed the following persons to the Credit Union Advisory Committee for a term of two years:

  • Colleen Householder, America’s Choice Credit Union, Redwood City
  • Larry Sharp, Arrowhead Central Credit Union, San Bernardino
  • Monica Lopez, Coastline Community Credit Union, Long Beach
  • Bruce Barnett, Educational Employees Credit Union, Fresno
  • Stan Hollen, The Golden1 Credit Union, Sacramento
  • Edgar Callahan, Patelco Credit Union, San Francisco
  • William Harris, Priority One Credit Union, South Pasadena

For more information please contact Deputy Commissioner Elizabeth Dooley at (213) 897-2225.

Monthly Activity Report

Commercial Bank Activity

New Bank

Pacific Community Bank
Proposed Location: 1003 West San Marcos Boulevard, San Marcos, San Diego County
Correspondent: Grace Wickersham
Carpenter & Company
5 Park Plaza, Suite 950
Irvine, CA 92614
Phone: (949) 261-8888
Approved: 4/20/01


Antelope Valley Bank, Lancaster, Tustin, with and into California Bank & Trust, San Diego
Effected: 3/30/01

Bank of Stockdale, F.S.B., Bakersfield, with and into Valley Independent Bank, El Centro
Filed: 4/18/01

Eldorado Bank, Tustin, with and into California Bank & Trust, San Diego
Effected: 3/30/01

Kings River State Bank, Reedley, with and into Valley Independent Bank, El Centro
Filed: 4/18/01

Timberline Community Bank, Yreka, with and into PremierWest Bank, Medford, Oregon
Effected: 4/16/01

Tokai Bank of California, Los Angeles, with and into Sanwa Bank California, San Francisco, and to change the name of the surviving bank to United California Bank
Filed : 4/4/01

Acquisition of Branch Office

Redding Bank of Commerce, Redding, to acquire the Citrus Heights Office of FirstPlus Bank, Tustin, located at 6950 Sunrise Boulevard, Citrus Heights
Filed: 4/18/01

Foreign Bank Activity

New Foreign (Other Nation) Bank- To Establish Office

Banca Intesa, S.p.A.
555 South Flower Street
Los Angeles, Los Angeles County
(Nondepositary Agency)
Contact person: Luigi Braghieri, Senior Vice President and General Manager
Banca Intesa, S.p.A.
10 East 53rd Street
New York, NY 10022
(212) 527-8703
Filed: 3/20/01
Approved: 4/30/01

Bank of Communications
In the vicinity of the city of Los Angeles, Los Angeles County
(Representative Office)
Contact person: Omer S.J. Williams
Thacher Proffitt & Wood
Two World Trade Center
New York, NY 10048
Phone: (212) 912-7432
Approved: 4/30/01

Grand Commercial Bank, Ltd.
In the vicinity of Colima and Azusa Avenues, City of Industry, Los Angeles County
(Wholesale Branch Office)
Contact person: A. Wade Francis, President
Unicon Financial Services, Inc.
200 Pine Avenue, Suite 260
Long Beach, CA 90802
(562) 495-2040
Approved: 4/30/01

New Foreign (Other State) Bank- To Establish Office

FTTrust Company
777 Mariners Island Boulevard, San Mateo, San Mateo County
(Facility – Uninsured Bank)
Contact person: Tracy Harrington
Phone: (650) 312-2535
Effected: 4/27/01

Investors Bank & Trust Company
US Bank Plaza, 980 9th Street, Sacramento, Sacramento County
(Facility – Insured Bank)
Contact person: Michael F. Rogers
200 Clarendon Street
Boston, MA 02116
Phone: (617) 937-6106
Notified: 4/18/01

Industrial Loan Company Activity

New Premium Finance Company

AFCO Premium Acceptance, Inc.
21800 Oxnard Street #890, Woodland Hills, Los Angeles County
Filed: 4/9/01

Voluntary Surrender of License

Central Premium Finance Company
5480 East Ferguson Drive, Los Angeles, Los Angeles County
Effected: 4/4/01

Pinnacle Premium Acceptance Corporation
2501 East Chapman, Fullerton, Orange County
Effected: 4/4/01


Commissioner of Financial Institutions

Bulletin for month ended
April, 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