State of California
| Gray Davis, Governor |
Business Transportation and Housing Agency |
| Department of Financial Institutions |
http://www.dfi.ca.gov |
 |
Monthly Bulletin |
| Volume 6, Number 5 |
November, 2002 |
California Credit Unions
Notify DFI of Any Credit Union Changes
Many California Credit Unions are undergoing changes including key personnel, new locations, opening/closing branch offices, etc. It is important that you notify DFI in writing of such changes so we can keep our records up to date.
5300 Call Report Filing
We are approaching the next 5300 Call Report filing period, December 31, 2002. The Call Report filing materials should be distributed in December, prior to the deadline. To help streamline the filing process, DFI is setting up a special e-mail address for you to use when submitting your Call Report data. Please be on the look out for further information on 5300 Call Report filing and other topics on our new Credit Union page (under Licensee Services) section to be launched as part of the DFI’s new web site in December.
Insurance Premium Finance Company Assessment Due
Invoices for the insurance premium finance company assessment were mailed on November 26, 2002. The amount of the assessment on each insurance premium finance company is .0074305497 percent of total assets. The invoice is due when received and becomes delinquent if not paid within 20 days. After 20 days, the Commissioner shall assess and collect a penalty in addition to the assessment of one (1) percent of the assessment for each month or part of a month that the payment is delayed or withheld, as authorized by section 18351. If an insurance premium finance company fails to pay the assessment as provided in section 18350 on or before the 30th day of December following the day upon which payment is due, the Commissioner may by order summarily suspend or revoke that company’s authority to conduct business.
Monthly Activity Report
Commercial Bank Activity
New Bank
California Community Bank
Proposed Location: 200 West Grand Avenue, Escondido, San Diego County
Correspondent: Maryam Hamzeh
Carpenter & Company
5 Park Plaze, Suite 950, Irvine, CA 92614
Phone: (949) 261-8888
Filed: 10/28/02
United American Bank
Proposed Location: 101 South Ellsworth Avenue, San Mateo, San Mateo County
Correspondent: John C. Schrup
1650 Borel Place, Suite 208, San Mateo, CA 94402
Phone: (650) 571-1015
Approved: 11/21/02
Merger
Valencia Bank & Trust, Santa Clarita, with and into Union Bank of California, National Association, San Francisco
Effected: 10/31/02
Acquisition of Control
Rabobank Nederland, to acquire control of Valley Independent Bank, El Centro
Approved: 11/26/02
Sumitomo Mitsui Financial Group, Inc. to indirectly acquire Manufacturers Bank, Los Angeles
Approved: 10/30/02
Valley Commerce Bancorp, to acquire control of Bank of Visalia, Visalia
Approved: 10/30/02
Sale of Partial Business Unit
Valley Bank, Moreno Valley, to sell the deposit liabilities of its Sun City Office to Provident Savings Bank, F.S.B., Riverside
Approved: 11/4/02
Change of Name
California Center Bank to Center Bank
Notified: 11/4/02
Coast Commerce Bank (Proposed) to Seacoast Commerce Bank
Notified: 11/4/02
Premium Finance Company Activity
New Premium Finance Company
Great American Premium Finance Corp.
6046 Cornerstone Court West, Suite 202, San Diego, San Diego County
Filed: 10/2/02
Voluntary Surrender of License
Western Premium Budget Corp
2501 East Chapman Avenue, Fullerton, Orange County
Filed: 10/7/02
Approved: 10/19/02
Effected: 10/19/02
Foreign (Other State) Bank Activity
New Facility
City Bank, Honolulu, Hawaii (Facility – Insured Bank)
4590 MacArthur Boulevard, Suite 175, Newport Beach, Orange County
Opened: 11/15/02
Credit Union Activity
Conversion to State Charter
Medical Centers Federal Credit Union, Los Angeles
Approved: 11/22/02
Merger
Paramount Studio Employees Federal Credit Union, Hollywood, into First Entertainment Credit Union, Hollywood
Filed: 10/17/02
Approved: 11/20/02
San Gabriel Valley Credit Union, Walnut, into Credit Union of Southern California, Whittier
Approved: 10/31/02
Steelcase of California Employees Federal Credit Union, Tustin, into Wescom Credit Union, Pasadena
Effected: 11/5/02
Western Gear Federal Credit Union, City of Industry, into Credit Union of Southern California, Whittier
Effected: 11/25/02
Change of Name
1st City Credit Union to change its name to First City Credit Union
Filed: 10/17/02
Approved: 11/6/02
Municipal Employees’ Credit Union of San Jose to change its name to SAN JOSE CREDIT UNION
Approved: 10/30/02
Effected: 10/31/02
Premier West Credit Union to change its name to PREMIER COMMUNITY CREDIT UNION
Effected: 5/9/02
Field of Membership
Thirteen credit unions received approvals to add 25 new fields of membership during October 2002.
Bylaw Amendments
Four credit unions received approvals for four bylaw amendments during October 2002.
Variances
One credit union received an approval for a request for variance to sections of the California Code of Regulations during October 2002.
Transmitter of Money Abroad Activity
New transmitter
Antequera Incorporated
Approved: 11/20/02
DONALD R. MEYER
Commissioner of Financial Institutions
Bulletin for month ended
November, 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 bulletin@dfi.ca.gov.
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