Monthly Bulletin – March 2002

State of California

Gray Davis, Governor

Business Transportation and Housing Agency
Maria Contreras-Sweet, Secretary

Department of Financial Institutions

California Seal

Monthly Bulletin

Volume 5, Number 9

March, 2002

Julio Prada Promoted to Financial Institutions Manager

Julio Prada was promoted to Financial Institutions Manager of Special Licensees effective March 1, 2002. Mr. Prada has been with the Department since 1987 and was most recently a Financial Institutions Supervisor in commercial banking in San Francisco.

April 2002 is Financial Literacy Month

The Department of Financial Institutions (DFI) has joined consumer groups, industry representatives, and regulators from across the country in kicking off a month-long financial literacy and education campaign aimed at raising the financial IQ of Californians to better equip them to make educated decisions regarding their personal finances.

DFI will participate in April’s recognition of “Financial Literacy Month” in the State of California. This special observance month was created to encourage consumers to understand the basics of money management, saving and investing and use of credit in order that they make wise financial decisions to protect their financial future.

“Education helps equip consumers with the fundamental knowledge needed to choose among the products and providers in the financial services industry,” said Donald R. Meyer, Commissioner of Financial Institutions.

The month-long effort focuses on youth and adult financial literacy. Representatives will participate in presentations, workshops, and other efforts throughout the state to reach all ages and backgrounds.

Additional information on the Financial Literacy education materials will be available on the Department of Financial Institutions’ Web site at (now the Department of Business Oversight under Featured News.

May 2002 is Nationwide Direct Deposit and Direct Payment Month

DFI licensees should take note of the nationwide campaign to promote National Direct Deposit and Direct Payment Month that will take place throughout the month of May 2002. The Federal Reserve, NACHA – The Electronic Payments Association, regional payment associations, the Department of the Treasury and other federal agencies have joined together to increase the awareness and use of Direct Deposit and Direct Payment.

The Commissioner of Financial Institutions encourages DFI licensees to join the celebration. By promoting the use of Direct Deposit and Direct Payment nationwide, you can contribute to a more efficient payments system – a benefit to be enjoyed by thousands of companies, federal agencies and financial institutions, including your own. The recent terrorist attacks and health and safety issues related to federal checks delivered through the U.S. mail have caused many Americans to rethink the way they conduct their personal and financial business. Now is an excellent time to promote Direct Deposit to your customers. Your participation is needed to make this effort a success. There are several ways to get involved, so make plans now to participate in Direct Deposit and Direct Payment Month.

  • Conduct lobby promotions during May, and consider special promotions on May 1, 2, 3, and 31 and June 3, 2002 to encourage Federal benefit payment recipients and other individual customers cashing or depositing benefit and payroll checks to sign up for Direct Deposit.
  • Obtain the free Direct Deposit balloons that the United States Department of the Treasury is offering to your institution again this year to promote Direct Deposit in your lobbies. A limited supply of free balloons is available. To ensure timely delivery, orders must be received no later than April 12, 2002. Treasury has Direct Deposit marketing materials available for downloading on its Web site at:
  • Obtain Direct Deposit statement stuffers. If you are a member of a regional payments association, please contact your association to order free Direct Deposit statement stuffers from the Social Security Administration.
  • Join forces with community organizations in your area to set up information tables at local senior and community centers, churches and veterans halls, and provide information on how to sign up for Direct Deposit. You may also want to make information available about the types of deposit accounts you offer.

Again, we invite DFI licensees to celebrate the benefits of Direct Deposit and Direct Payment. Please help National Direct Deposit and Direct Payment Month to be a big success.

DFI Sponsors Workshops on Financial Skills for Families

The Department of Financial Institutions is partnering with the Federal Reserve Bank of San Francisco to sponsor “train-the-trainer” workshops, Building Native Communities: Financial Skills for Families. Recognizing the wisdom and success of traditional resource management, the curriculum draws from historic examples of saving, budgeting, and adapting new tools to benefit Native communities. The workshop has been designed for trainers at any level, and the materials provided may be used to enhance existing curriculum, or used as a stand-alone program. Topics include developing and using a spending plan, managing money with checking and savings accounts, understanding credit and credit reports, and applying for a loan.

The training will benefit community-based organization staff, lenders, local government agencies, tribal housing authority, Native American school instructors, credit counselors, affordable housing and small business development counselors and others interested in serving the Native American communities. The workshops will be conducted in Eureka-Arcata Palm Springs on Thursday, May 16, 2002 at the North Coast Inn, 4975 Valley West Blvd. Arcata, CA 95521; and on Thursday, May 23, 2002 at the Spa Resort & Casino, 100 North Indian Canyon Drive, Palm Springs, CA 92262.

Additional information and a registration form are available on the DFI Web site at (now the Department of Business Oversight

Press Releases and Community Interest Stories Sought

If your state-chartered financial institution sends out press releases, please consider adding DFI to your distribution list. We particularly enjoy hearing about what your institution is doing in the community, if you have a new service or are involved in financial literacy education, or receive acknowledgement for participating in federal, state or locally sponsored programs.

The DFI Public Information and Outreach staff will use your press releases to develop feature stories for the DFI Web site and other materials that highlight the activities of state-chartered financial institutions. Please send press releases and community interest stories to Alana Golden-Nabong at the Sacramento office, 1810—13th Street, Sacramento, CA 95811, Fax: (916) 445-7643. Contact Ms. Golden-Nabong at (916) 323-7012 or by e-mail at for more information.

2002 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, 2002 is now available in a convenient, 8 ½” x 11″ looseleaf format. The 2002 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 attached order form. Readers are reminded that the full text can be accessed from our Web site at the Department of Business Oversight

Commercial Bank Activity



New Banks



Napa Community Bank
600 Trancas Street, Napa City, Napa County
Officers: Dennis J. Pedisich, President and Chief Executive Officer
C. Paul Johnson, Chairman
Capitalization: $8,500,000.00
Opened: 3/1/02

New CCB Bank
14685 Mono Way, Sonora, Tuolumne County
Correspondent: S. Alan Rosen
Horgan, Rosen, Beckham & Coren
23975 Park Sorrento, Suite 200
Calabasas, CA 91302-4001
Phone: (818) 591-2121
Approved: 3/14/02

Security Business Bank of San Diego
Proposed Location: 701 B Street, San Diego, San Diego County
Correspondent: Paul Rodeno
12707 High Bluff Drive #200
San Diego, CA 92130
Phone: (858) 350-4324
Approved: 3/27/02






Capital Bank of North County, Carlsbad, with and into Rancho Santa Fe National Bank, Rancho Santa Fe
Effected: 3/7/02

Capitol Valley Bank, Roseville, with and into Humboldt Bank, Eureka
Filed: 3/14/02

Central California Bank, Sonora, with and into New CCB Bank, Sonora (In Organization)
Approved: 3/14/02

CivicBank of Commerce, Oakland, with and into City National Bank, Beverly Hills
Effected: 2/28/02

GB Interim Bank, Los Angeles, Los Angeles County, with and into Liberty Bank and Trust Company, Boston, Massachusetts
Effected: 2/28/02

Liberty Bank and Trust Company, Boston, Massachusetts, with and into General Bank, Los Angeles
Effected: 2/28/02

Palomar Community Bank, Escondido, with and into Redlands Centennial Bank, Redlands
Filed: 2/11/02

Tehama Bank, Red Bluff, with and into Humboldt Bank, Eureka
Filed: 3/14/02

United California Bank, Los Angeles, with and into Bank of the West, San Francisco
Approved: 3/12/02



Application for Trust Powers



First Northern Bank of Dixon
195 N. First Street, Dixon, Solano County
Filed: 3/13/02



Acquisition of Branch Office



Pacific State Bank, Stockton, to acquire the Stockton Branch of California Bank & Trust, San Diego
Effected: 3/15/02

Industrial Bank Activity



Conversion to Commercial Bank



Imperial Capital Bank, La Jolla
Filed: 3/26/02

Premium Finance Company Activity



New Premium Finance Company



Granite Premium Finance, Inc.
2501 East Chapman Avenue, Suite 100, Fullerton, Orange County
Approved: 3/15/02

Ladera Premium Finance, Inc.
2501 East Chapman Avenue, Suite 100, Fullerton, Orange County
Approved: 3/15/02

Priority One Premium Finance, Inc.
2501 E Chapman Avenue, Suite 100, Fullerton, Orange County
Approved: 3/15/02

Foreign (Other Nation) Bank Activity



New Office



The Royal Bank of Scotland plc (Representative Office)
505 Montgomery Street
San Francisco, San Francisco County (Temporary location)
Filed: 1/10/02
Approved: 3/11/02



Discontinuance of Office



Bank Hapoalim, B.M.
5201 Great America Parkway, Santa Clara, Santa Clara County (Representative Office)
Discontinued: 3/15/02

Credit Union Activity



Conversions to State Charter



California Bear Federal Credit Union, Los Angeles
Approved: 3/8/02

Fiscal Federal Credit Union, Glendale
Approved: 3/8/02



Transmitter of Money Abroad Activity



New Transmitter



Pay Pal, Inc.
1840 Embarcadero Road
Palo Alto, CA 94303
(650) 251-1100
Contact person: John D. Muller
Filed: 3/21/02


Commissioner of Financial Institutions

Bulletin for month ended
March, 2002, issued pursuant
to Financial Code, Section 258

The Monthly Bulletin is available without charge via email as a PDF attachment. To subscribe, please send e-mail with your name, e-mail address, and company name and phone number to

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