Department of Financial Institutions Announces New State Bank – San Diego Trust Bank
San Francisco – The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On October 27, 2003 the San Diego Trust Bank will open its doors to customers in San Diego with a capitalization of $12 million.
“I am pleased to welcome the San Diego Trust 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 three years, 29 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.
San Diego Trust Bank will offer credit and deposit services along with a full range of trust, investment and real estate management services to clients.
Michael E. Perry will serve as Chief Executive Officer and President; James T. “Toby” Reschan as Executive Vice President and Chief Administrative Officer; and J.M. “Mike” Justice, Jr. as Executive Vice President and Chief Financial Officer.
San Diego Trust Bank is located at 2550 Fifth Avenue, San Diego. Their telephone number is (619) 525-1700. Their Web site address will be www.sandiegotrust.com.
Like all California state-chartered banks, the San Diego Trust Bank 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 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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