Department of Financial Institutions Announces New State Bank – Bay Commercial Bank opens its doors in Walnut Creek
San Francisco – The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Bay Commercial Bank will open its doors tomorrow, July 20, 2004, to customers in Contra Costa’s Walnut Creek community with a capitalization of $15.4 million.
“I am pleased to welcome Bay Commercial Bank and report that state-chartered banks continue to grow and prosper in California,” said Howard Gould, Commissioner of Financial Institutions. During the last three years, 35 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 Gould.
George Guarini will serve as President and Chief Executive Officer; Keary Colwell as Chief Financial Officer; and Brian Bray as Chief Credit Officer.
Bay Commercial Bank is located at 1280 Civic Drive, Suite 100, Walnut Creek, CA, 94596. Their telephone number is (925) 476-1800. Their Web site address is www.baycommercialbank.com.
Like all California state-chartered banks, the Bay Commercial Bank 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. The Department 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.
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