Department of Financial Institutions Announces New State Bank – Seacoast Commerce Bank will open its doors to the Chula Vista Community
San Francisco – The Davis Administration announced today that the California Department of Financial Institutions (DFI) has approved the opening of a new state bank. On June 10, 2003 the Seacoast Commerce Bank will open its doors to customers in Chula Vista with a capitalization of $9.4 million.
“I am pleased to welcome Seacoast Commerce Bank and report that state-chartered banks continue to grow and prosper in California,” said Donald R. Meyer, Commissioner of Financial Institututions. During the last two years, 17 new state-chartered banks opened with DFI approval. In addition, over 120 branches also opened their doors. “Each new bank has its unique characteristics, which range from serving a small community or ethnic community to offering special services for small businesses and professionals,” added Commissioner Meyer.
Larry Benthien will serve as President and Chief Executive Officer; Louis Cumming, Chief Credit Officer; Toni Flannagan, Chief Financial Officer. Their Web site address is www.seacoastcommercebank.com.
Like all California state-chartered banks, Commercial Bank of California deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions, including 205 commercial and industrial banks and 223 credit unions. Total assets of state chartered financial institutions were $211 billion at year end 2001 and increased to $229 billion at year end 2002.
The Department of Financial Institutions is responsible for administering State laws regulating state-licensed banks, state-licensed savings associations, state-licensed trust companies, state-licensed offices of foreign banks, issuers of travelers checks and payment instruments (money orders), transmitters of money abroad, state-licensed credit unions, and state-licensed industrial banks. The Department reports to Maria Contreras-Sweet, Secretary of the Business, Transportation and Housing Agency and Governor Gray Davis.