Department of Financial Institutions Announces New State Bank – Pacific City Bank.
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 September 18, 2003 the Pacific City Bank will open its doors to customers in Los Angeles with a capitalization of $17.9 million.
“I am pleased to welcome Pacific City Bank and report that state-chartered banks continue to grow and prosper in California,” said Donald R. Meyer, Commissioner of Financial Institutions. During the last two years, 19 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 or ethnic community to offering special services for small businesses and professionals,” added Commissioner Meyer.
Jung C. Chang will serve as President and Chief Executive Officer; John J. Kennedy as Executive Vice President and Chief Operating Officer; Daniel A. Graff as Chief Financial Officer; and Henry Kim as Chief Credit Officer.
Pacific City Bank is located at 3701 Wilshire Boulevard, Suite 100, Los Angeles, 90010. Their telephone number is (213) 210-2000.
Like all California state-chartered banks, Pacific City Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions, including 199 commercial and industrial banks and 219 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 financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), and transmitters of money abroad. The Department reports to Maria Contreras-Sweet, Secretary of the Business, Transportation and Housing Agency and Governor Gray Davis.
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