Department of Financial Institutions Announces New State Bank – Founders Community Bank will open its doors in San Luis Obispo on May 5, 2005
San Francisco-The California Department of Financial Institutions (DFI) announced today that the Department has approved the opening of a new state bank. Founders Community Bank will open its doors in San Luis Obispo on May 5, 2005 with a capitalization of $11 million.
“I am pleased to welcome Founders Community Bank and report that state-chartered banks continue to grow and prosper in California,” said Howard Gould, Commissioner of Financial Institutions. During the last four years, 45 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.
Thomas J. Sherman will serve as President and CEO, Gary R. Tanner will serve as Executive Vice President and CFO, and Michael D. Kee will serve as Executive Vice President and Chief Credit Officer.
Founders Community Bank is located at 237 Higuera Street, San Luis Obispo, 93401-5014. The bank phone number is (805) 543-6500 and the fax is (805) 543-6599. The Web site address is www.founderscommunitybank.com.
Like all California state-chartered banks, Founders Community Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC), up to $100,000 per depositor.
DFI supervises over 650 financial institutions. 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, under the direction of Howard Gould, Commissioner, reports to Sunne Wright McPeak, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.