Department of Financial Institutions Announces New State Bank – Five Star Bank Natomas
San Francisco – The Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. On January 5, 2004, the Five Star Bank Natomas will open its doors to customers in the Natomas community, Sacramento County, with a capitalization of $12 million.
“I am pleased to welcome Five Star Bank Natomas 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, 31 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.
James E. Beckwith will serve as President and Chief Executive Officer; Rod Wiessner as Senior Vice President and Chief Financial Officer; and Jeff Moore as Senior Vice President and Chief Credit Officer.
Five Star Bank Natomas is located at 2400 Del Paso Road, Suite 100, Sacramento, CA, 95834. Their telephone number is (916) 640-1500.
Like all California state-chartered banks, the Five Star Bank Natomas deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions, including 204 commercial and industrial banks and 221 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 Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.